Uponor & Belkin invest additional $12 million to grow joint-venture company, Phyn
APPLE VALLEY, Minn., May 9, 2019 /PRNewswire/ -- Uponor and Belkin have decided to invest an additional USD $12 million, $6 million each, into their joint venture company, Phyn, in 2019. The new investment will be used for ongoing research and product development for smart water solutions as well as continuing efforts to grow in the North American and European markets.
"We launched Phyn Plus to the European markets this March, first in Finland, Sweden, France and Spain, and other European countries will follow later during the year. Our customers have shown great interest in the new product, but creating a new product category takes time and patience. Therefore an additional investment was needed," comments Jyri Luomakoski, President and CEO, Uponor Corporation.
Phyn Plus, Smart water assistant + shutoff is a smart home device that continuously monitors a home's entire plumbing system to detect leaks, conserve water, and save money. Utilizing patented machine-learning technology, the device measures tiny changes in water pressure to detect plumbing issues in real time and can remotely shut off the main water supply to prevent costly damage. Phyn Plus provides granular detail on water usage allowing homeowners to view water consumption across fixtures such as sinks, toilets, showers, and sprinkler systems all through the Phyn app.
"Since introducing Phyn Plus to the North American market in April 2018, several exciting enhancements have been made, further solidifying the brand positioning as the smartest, smart water leader in the residential building market," says Bill Gray, president, Uponor North America.
Gray went on to say that those enhancements include a web-based portal for property management companies, insurance providers, municipalities and others to monitor multiple Phyn Plus units across large portfolios; an early freeze alert before frozen pipes become an issue; integration with Amazon Alexa voice commands; and a new app feature that provides granular insights into water use by fixture type."
Uponor Corporation and Belkin International, Inc. formed joint venture Phyn in July 2016 to pioneer in the development of water sensing and conservation technology for buildings. A joint venture company was formed both in the USA and in Europe. Both Uponor and Belkin have 50 percent share in the joint venture.
ABOUT UPONOR
We mean progress.
Apple Valley, Minn.-based Uponor North America is the partner that plumbing and HVAC professionals trust for smart water and energy solutions. An award-winning manufacturer of PEX piping and provider of plumbing, intelligent water, fire safety, radiant heating/cooling, hydronic piping, and pre-insulated piping systems, Uponor offers solutions for new construction, retrofits and remodels in residential and commercial markets. Recognized for best-in-class manufacturing, sustainability, economic development and as a top workplace, the Uponor group of companies employs more than 4,000 worldwide. Uponor group's global headquarters are located in Vantaa, Finland. uponorpro.com
ABOUT PHYN
Phyn is bringing intelligent water solutions to market that help people protect their homes, conserve water and save money. Built upon nearly a decade of research and patented technological innovation, Phyn is poised to change the way consumers interact with water and help solve the major challenges threatening the world's supply of clean, healthy water. Phyn is backed by Belkin International, a global leader in consumer technology, networking and the Internet of Things, and Uponor. The company is headquartered in Torrance, Calif., with a research and development lab in Seattle. phyn.com
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SOURCE Uponor
