WINT Intelligence, which provides water management and leak-prevention solutions for construction, commercial, residential and industrial applications, has completed a $35 million Series C funding round.
- The investment, co-led by Inven Capital and Insight Partners, will drive the growth of the leading AI-based water management solution for the built environment.
- Water scarcity is hitting critical levels across the world but leakage continues to occur globally, causing $39 billion in losses per year.
- The investment reflects the increasing impact of global water stress and the urgency for water management solutions that prevent waste and its associated environmental impact.
WINT Intelligence, which provides water management and leak-prevention solutions for construction, commercial, residential and industrial applications, has completed a $35 million Series C funding round to drive growth and innovation in its AI- and IoT-based technology.
The round was co-led by Inven Capital, a leading European climate tech fund and global software investor Insight Partners, which also led WINT’s B round. New investors included Taronga Ventures, a real asset technology investor, and other prop-tech and construction-tech investors, providing WINT access to new markets.
“As a climate tech investor, we were greatly impressed by WINT’s vision to bring sustainability and risk mitigation into water management, coupled with its ability to rapidly rise to market leadership in this fast-growing space,” said Michal Mravec, investment director at Inven Capital. “Their exponential growth, focus on customer value, cutting-edge technology, and ability to deliver globally are a uniquely powerful combination.”
What does the company do?
The New York-based company equips contractors, developers, owners and facility management teams with solutions to manage water throughout the lifecycle of a building, from construction to operations. Its AI-based solutions help companies eliminate water waste and its associated carbon emissions and prevent water damage on construction sites and in commercial and residential buildings.
For example, the AI detects leaks in real time and the WINT devices alert maintenance staff, while they can also automatically shut off supply when needed. The AI and pattern matching detect water leaks and waste and continuously learn and adapt to clients’ water networks to optimise detection. The technology compares a site’s usage patterns with its pre-established database of water users such as irrigation, lavatories, or specialised equipment.
WINT devices communicate with the cloud over the cellular network and are fully autonomous, so they can continue to operate regardless of communication. The WINT cloud delivers reports, collects water analytics and computes various KPIs, providing trend analysis.
Addressing the leakage issue
Water scarcity is hitting critical levels across the world, as global annual consumption surged by approximately 3,500 billion cubic metres over the past century. This challenge is complex and requires innovation and action on many fronts, including leaks.
Leakage is the escape of water from pipes or fittings, and service reservoirs, and can occur at any point in the distribution system. In the US, the average household’s leaks can account for nearly 10,000 gallons of water wasted every year and a tenth of homes have leaks that waste 90 gallons or more per day.
Leakage from water supply networks and other sources is a significant issue both in terms of lost revenue and wasted resources, according to a report by the British Standards Institution and Waterwise. Conservatively valued at only $0.31 per cubic metre, leakage amounts to $39 billion in losses per year.
Indeed, ‘Escape of Water’ claims are consistently the most expensive for insurers, with the number and cost of such claims rising. According to the Association of British Insurers (ABI), these claims are costing UK insurers £2.5 million a day, which equates to nearly £1 billion a year. The commercial sector has seen losses of over £1 million, compared to the average cost of domestic homes which is just under £3,000.
Visible and meaningful efforts by water utilities around the world to reduce network leakage, driven by government action to incentivise change, can have a direct impact and persuade individuals and organisations to acknowledge their own role and act to reduce wastage at homes and in workplaces, the British Standards Institution and Waterwise report stressed.
Growing demand for water solutions
The investment in WINT reflects the urgent need for solutions across the globe as contractors, owners, tenants, and insurers seek solutions for mitigating the damage and cost of water leaks. It also reflects the increasing impact of global water stress and the urgency for water management solutions that prevent waste and its associated environmental impact.
“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 for insurers, owners, developers and contractors,” said Alon Geva, chief executive of WINT.
“We’re thrilled by the opportunity to partner with Inven and with other world-leading real estate and climate tech investors, and we are confident that their support and industry depth will help us solve these massive challenges for the world’s built environment.”
SGV TAKE
As highlighted in August 2023 at World Water Week, the leading global water conference, we need new approaches to water governance and scale up innovative solutions to support collective action. Preventing the wastage of water is a key step in tackling the ever-growing problem of water scarcity. The tools developed by WINT Intelligence can be used in a variety of locations and could play an important part in enabling efforts at a business level.
