Uponor Corp. announced Feb. 13 that it will invest an additional USD $10 million in Phyn, a joint venture between Uponor and Belkin International, bringing its total investment in the company to USD $25 million. With this second round of funding, Uponor establishes a 50 percent ownership in Phyn, with the other 50 percent owned by Belkin International.
Phyn will use the funding to further accelerate market penetration and scale the company’s operations as it prepares for commercialization in late spring of its debut product Phyn Plus, a smart water monitor that detects leaks and plumbing issues, and can automatically shut off the main water supply when needed to prevent costly damage. As a joint-venture company, Phyn will be consolidated into Uponor’s financial accounts using the equity method.
“Uponor is proud of the innovative work that Phyn is doing and we see tremendous potential in the solutions that Phyn is bringing to market,” added Jyri Luomakoski, president and CEO of Uponor Corp. “Our additional investment represents our commitment to the shared vision for the future of intelligent water systems.”
Phyn Plus will be available for purchase in the U.S., starting late spring, exclusively through the Uponor Pro Squad, a nationwide network of expertly trained plumbers and water specialists.
“This funding from Uponor further cements Phyn’s position as the leading solution in the smart water space,” said Ryan Kim, CEO of Phyn. “It comes at a pivotal time for our company and allows us to … dedicate our efforts to solving some of the toughest challenges facing water, so that we not only protect our homes, but also become better stewards of water, our most precious natural resource.”
Bill Gray, president of Uponor North America, added: “Our objective with the joint venture has always been to help progress our business and the plumbing industry into the digital era with better ways to use water more intelligently. That focus remains the same today, with this additional investment simply underlining both our belief in this partnership and our commitment to being innovation leaders in this space for many years to come.”