Wint, an Israeli startup that develops leakage detection technology using artificial intelligence to prevent water damage, said Thursday it has secured $35 million from investors including Inven Capital, a European climate tech fund, and New York-based private equity firm Insight Partners.
Asian real estate tech investor Taronga Ventures, and other and construction-tech-focused investors, also participated in the Series C financing round providing Wint with strategic access to new markets, the Rosh Ha’ayin-based company said in a statement. To date, the startup has raised a total of $60 million.
Established in 2018 by CEO Alon Geva and Yaron Dycian, chief product and strategy officer, Wint’s intelligence data system uses artificial intelligence to detect and stop water leaks in real time, to prevent water damage during construction projects and at commercial and residential buildings.
The startup’s smart water meter device is placed in pipe systems and with the use of machine learning it monitors and analyzes water usage and flow patterns to detect a burst pipe or a leak.
The smart water meter communicates with the cloud via a cellular system that sends real-time alerts of anomalies to construction managers, building owners or property managers on an app to deal with leaks, and turns off the water supply automatically until repairs are made. The intelligence data system also provides detailed analytics, reports and insights for the monitoring of water flow and consumption to use water more efficiently and save costs.
Among the clients and users of Wint’s smart water meters are the Empire State Building, Suffolk Construction, Brasfield and Gorrie, Microsoft, HP, PepsiCo, Azrieli Group, and the Weizmann Institute.
Wint said the proceeds of the financing round will be used for expanding its global footprint in key markets in the US, UK, Israel, and EU. The investment “reflects the urgent need for Wint’s solutions across the globe as contractors, owners, tenants, and insurers seek solutions for mitigating the damage and cost of water leaks,” the startup, which also has offices in New York and London, stated.
“We’re excited to close this round at a time when water scarcity and climate change are becoming some of humanity’s greatest challenges, while the costs of water leak damage in buildings is reaching unacceptable levels,“ said Geva.
The investment also comes as the growing impact of climate change on global water stress is increasing the urgency for water management solutions that cut water waste and its associated carbon emissions.
Urban populations are already facing water shortage issues, while extreme and prolonged droughts are also damaging ecosystems, with dire consequences for plant and animal species.
By 2050, the number of people in cities facing water scarcity is expected to nearly double from 930 million in 2016 to 2.4 billion, according to a recent UN report. As a result, by 2050, 66% of major global companies are projected to have at least one asset at risk from climate change, with the greatest risk coming from water stress and wildfire, according to a report by S&P Global.