Dive Brief:
- Wint Water Intelligence raised a $35 million in a series C funding round Thursday, citing a need to meet large-scale demand across the construction, insurance and real estate industries.
- The water management and leak prevention firm stated that it plans to continue pushing development of AI- and IoT-based solutions to help manage and mitigate water damage in a building’s life cycle.
- The company said high global water stress has increased the need for water management solutions to benchmark carbon emissions and prevent water waste.
Dive Insight:
Strained water infrastructure is a major source of carbon emissions in the built environment. Thirteen percent of total U.S. electricity consumption stems from water treatment and delivery in the U.S., with commercial and institutional buildings accounting for 17% of the public water supply.
The U.S. Environmental Protection Agency said office buildings account for 9% of that supply, and named restrooms, heating and cooling, and landscaping as the largest contributors to office water use. The agency also noted that water-efficient practices can assist with achieving green certifications and show leadership in environmental management, as real estate owners rush to benchmark usage ahead of expected emissions reporting regulations.
Wint said there is an “urgent need” for its solutions, as building owners, operators, contractors, tenants and insurers attempt to mitigate the impact of water leaks.
"Water scarcity and climate change are becoming some of humanity's greatest challenges, while the costs of water leak damage in buildings are reaching unacceptable levels for insurers, owners, developers and contractors," Wint CEO Alon Geva said in the release.
To that end, Wint’s solutions help facilities management teams manage water more effectively to reduce water waste-associated carbon emissions and prevent costly water damage.
In order to save water, facilities managers and building operators must check regularly for leaks, replace bathroom fixtures with more efficient models and use smart water landscaping and irrigation practices, the EPA said. The agency also suggested that facilities operators optimize cooling systems and determine if they can use alternative onsite sources of water.
Inven Capital co-led the series C round alongside Insight Partners, which led Wint’s previous capital raise. Taronga Ventures also joined as a strategic investor along with other proptech and construction tech investors.
