Israeli startup Aquarius Spectrum, which specializes in automatic monitoring and leak detection solutions in urban water networks, has raised $2.2 million from Hutchison Water International Holdings Pte. Limited.
This is the round A investment from Hutchison Water in Aquarius-Spectrum, after the Company has graduated from the Hutchison-Kinrot Technology Incubator.
Aquarius Spectrum was founded in 2009 by David Solomon. The company has developed an integrated system comprised of sensors and software that provides daily monitoring of the water pipe condition and alerts when leaks first start to develop. This ability to identify water leakage at a very early stage prevents water loss. It also allows smart and efficient maintenance and management of the water network and is part of the concept of IoT - Internet of Things. To date, more than 2,000 of the company's sensors are operating in 4 cities, including Jerusalem, monitoring over 1,000 kilometers (620 miles) of water pipes daily. The company's head office is in Netanya and it employs 18 people. Aquarius-Spectrum CEO Zeev Efrat said, "One of the challenges facing water companies throughout the world and particularly in the US, is the high rate of water-loss resulting from aging infrastructure buried beneath the ground, combined with the lack of reliable and up-to-date information about the state of pipes at any given moment."
Hutchison Water executive director Dan Eldar said "Aquarius-Spectrum's groundbreaking technology will be an important component in the worldwide effort for smarter management of scarce water resources."
In November 2012, Hutchison Water acquired the Hutchison Kinrot Incubator that had been founded in 1993 as part of the Israeli technology incubator program. The Hutchison-Kinrot incubator operates under the program of the Israeli Office of the Chief Scientist, at the Ministry of Economy. Hutchison Kinrot supports and cultivates companies in the area of water and cleantech and has portfolio companies that develop advanced technologies in water, treatment, purification, smart network management and more.
Published by Globes [online], Israel business news - www.globes-online.com - on October 27, 2015
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