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Uponor Invests Additional $10 Million In Phyn; Establishes 50 Percent Ownership In Joint Venture
APPLE VALLEY, Minn., Feb. 13, 2018 /PRNewswire/ -- Uponor Corporation (Uponor) today announced 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, smart water assistant + 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," added Jyri Luomakoski, president and CEO, Uponor Corporation. "Our additional investment represents our commitment to the shared vision for the future of intelligent water systems."
"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 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 not only protect our homes, but also become better stewards of water, our most precious natural resource."
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, for USD $850 exclusively through the Uponor Pro Squad, a nationwide network of expertly 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, 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."
For the special press page, which includes an image for download, please visit: http://uponor.media-resources-ordp.com/2018/trade-10m-investment.shtml
Uponor, Inc. is focused on progressing its business, the plumbing trade and construction industry through education, advocacy and innovation. It is an award-winning provider of plumbing, fire safety, radiant heating/cooling, hydronic piping and pre-insulated piping systems for residential and commercial applications. North American operations are based in Apple Valley, Minn., with global headquarters located in Finland. The company employs more than 3,900 worldwide. uponorpro.com
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. Phyn is headquartered in Torrance, Calif., with a research and development lab in Seattle. phyn.com
© 2018 Uponor, Inc.; Uponor is a trademark of Uponor Corporation and Uponor, Inc.
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