Uponor backs jointly-owned smart water technology company
March 5, 2018
Uponor has invested US$10 million in Phyn, a joint venture between Uponor and U.S.-based electronics manufacturer Belkin International. Uponor has made a total investment of US$25 million in the company.
This second round of funding elevates Uponor to 50 per cent ownership, with the other 50 per cent owned by Belkin.
“Our objective with the joint venture has always been to help progress our business and the plumbing industry into the digital era,” said Bill Gray, president of Uponor North America.
The investment will be used to scale Phyn’s operations in preparation for the commercial launch of its first product, Phyn Plus, in late spring 2018. Phyn Plus is a smart water monitoring system. www.uponor.ca www.phyn.com www.belkin.com