Vantaa, Finland — Uponor Oyj will put another $10 million toward its joint venture with Belkin International, bringing its total investment in their company called Phyn LLC to $25 million.
The JV's first product, Phyn Plus, has been dubbed a smart water assistant. The device detects leaks anywhere in the home, automatically turns off water in a catastrophic event, and allows homeowners to remotely turn off water with an app.
With its second round of funding, Vantaa-based Uponor becomes a 50 percent owner with the remaining ownership held by Belkin, which is based in Playa Vista, Calif.
Torrance, Calif.-based Phyn will use the investment to accelerate market penetration and scale the company's operations for commercialization in late spring.
"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," Uponor Corp. President and CEO Jyri Luomakoski said in a news release. "Our additional investment represents our commitment to the shared vision for the future of intelligent water systems."
