Phyn, a smart home technology startup specializing in water leak prevention, has been acquired for $25 million by a private investment group. The deal spins the company off as an independent business after years under corporate ownership.
Founded in 2016 as a joint venture between consumer electronics firm Belkin and Finnish plumbing company Uponor, Phyn is headquartered in El Segundo. The company develops intelligent water monitoring systems that detect leaks and automatically shut off water to prevent damage in residential properties.
Ryan Kim, a Korean American engineer and former Vice President of Engineering at Belkin, has led the company since its inception and will continue as CEO following the acquisition.
The company launched its first smart leak detection device in 2018. The system uses ultrasonic sensors to monitor water flow in real time and can cut off the main supply when it identifies leaks from broken pipes, faulty appliances, or plumbing fixtures. The core technology is built on ultrasonic flow sensor systems originally acquired by Belkin in 2009.
Phyn became a wholly owned subsidiary of Belkin in August 2021, after Belkin bought out Uponor’s stake. With the latest acquisition, Phyn will once again operate independently.
Executives said the acquisition is part of a broader strategy. The company plans to expand into insurance, property management, home services, construction, and public utilities.
Among the known investors in the purchasing group is Jonathan Scott, co-host of the television series Property Brothers and a real estate entrepreneur.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
