London based Hero Labs, a company which is making smart technology to prevent water leakage across the U.K. has announced picking up £2.5 million in seed capital. UK-based environmental fund manager Earthworm Group led the financing while a few unnamed backers also backed the firm.
Notably, Earthworm Group will also add another £300,000 through EU innovation grant. Will Brocklebank, the funding, Head of Projects and Partnerships at Earthworm Group is set to join the board of Hero Labs as part of the capital infusion.
Launched in 2018 by Krystian Zajac, Hero Labs will use the capital to speed up the development process of its first product. The company is working on "Sonic", a smart device which has ultrasonic technology capability to look after water usage within a property. Through the app of the company, the users will also receive hints and tips to conserve water.
Zajac, the CEO of the firm talking about the investment said, “This funding marks a successful first chapter for Hero Labs. Having Earthworm Group as our leading investor is a great fit for us, as it only invests in businesses who are a force for social good or benefitting the environment. Our mission at Hero Labs is to solve real-life problems through tech, and combating water leaks with Sonic is just the tip of the iceberg. This will allow us to bring even more solutions to consumers and businesses.”
Interestingly, the company is targeting consumers and small business segments as well. Commenting on the same, Zajac said, “We are [also] in discussions with insurers who might subsidize the product or give it away completely for free to certain more affluent customers to minimize the risk of water escape.
Image Courtesy : bdaily, herolabs