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Uponor Corporation 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 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.
“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.”
“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.”