Phyn, a tech company that develops a product that uses machine learning and high-definition pressure sensing to react to potentially catastrophic leaks, announced it had received a $10 million round of funding this morning as the company gears up for the release of its Phyn Plus device this spring.
The company, which is a joint venture between Minnesota-based plumbing supplier Uponor — which led this round — and Playa Vista-based Belkin International, plans to use the funding to accelerate market penetration and to scale the company’s operations. With this funding, Uponor is now equally owned by Belkin and Uponor.
This funding...comes at a pivotal time for our company and allows us to grow our world-class team further..."
"This funding from Uponor further cements Phyn's position as the leading solution in the smart water space," said CEO Ryan Kim in a statement. "It comes at a pivotal time for our company and allows us to grow our world-class team further as we continue to dedicate our efforts to solving some of the toughest challenges facing water so that we all not only protect our homes but also become better stewards of water, our most precious natural resource."
Launched in 2015, the Torrance-based company has raised $25 million from Uponor to date.
