Uponor establishes 50% ownership in Phyn
Uponor Corp. announced that it will invest an additional $10 million in Phyn, a joint venture between Uponor and Belkin International. This brings the company’s total investment in the company to $25 million. With this second round of funding, Uponor establishes a 50% ownership in Phyn, with the other 50% 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 assistant and shutoff. 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,” said Jyri Luomakoski, president and CEO of Uponor Corporation. “Our additional investment represents our commitment to the shared vision for the future of intelligent water systems.”
Phyn Plus is an intelligent water monitor that attaches to the main water line of homes. Through a combination of high-definition pressure sensing and machine learning, Phyn Plus detects leaks and plumbing issues and can automatically shut off the main water supply when needed to prevent costly damage. Phyn Plus will be available for purchase in the U.S. starting late spring exclusively through the Uponor Pro Squad, a nationwide network of trained plumbers and water specialists.
“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,” said Bill Gray, president of Uponor North America. “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.”