Thursday, May 26, 2016
Belkin Spins Out Wemo Water To New Joint Venture, Phyn
Playa Vista-based Belkin International, and safe drinking water delivery systems developer Uponor said Wednesday that the two have teamed together to create a new, joint venture, called Phyn. According to the two, the new company will bring advanced water sensing and conservation technology to market. Belkin and Uponor said that Phyn will be a standalone entity, using Belkin's former Wemo Water technology as the basis for future products. Wemo Water is a water sensing device, which uses a single connection in the home to sense water usage across the home. Belkin said it will transfer its IP, staff, and non-monetary assets into Phyn, with Uponor investing $15M for a minority stake in the company. Belkin will own 62.5 percent of Phyn, which will be headquartered in Los Angeles, with a second research and development lab in Seattle. Uponor is based in Finland.