Thursday, June 8, 2023

Flume Gets Private Equity Backing

San Luis Obispo-based Flume has received a private equity investment from San Diego-based HCAP Partners, HCAP said on Thursday. Flume is a maker of smart water meter monitoring devices, which are used to measure how much water is being used by a household, and have are being widely used by water agencies to help encourage water conservation. Financial details of the investment were not announced. Flume's device provides both indoor and outdoor water consumption information, and involves the installation of a single sensor at a consumer's water meter, and feeds that information to a smartphone app. The companies did not say how much of an ownership stake HCAP takes with the deal. Flume is led by CEO Ric Miles.