FloLogic, Inc. is expanding into the white-hot internet-of-things space. With traction in both residential and commercial properties, its patented automatic water monitoring and leak detection System aims to eliminate the $10B in annual property insurance claims and save 1.7 trillion gallons of wate…
FloLogic, Inc. is expanding into the white-hot internet-of-things space. With traction in both residential and commercial properties, its patented automatic water monitoring and leak detection System aims to eliminate the $10B in annual property insurance claims and save 1.7 trillion gallons of water wasted each year in the US due to plumbing leaks.
The FloLogic System® monitors all plumbing feeds entering a home or business and automatically turns off the incoming water line when a leak is detected. The Company has experienced double digit growth over the last three years and has trailing 12 month revenue of approximately $1.5M and gross margins averaging better than 50%.
Addressable markets include but are not limited to: 1) new and existing residential properties, 2) commercial structures and 3) the growing number of water conservation initiatives mandated throughout the world.
We will be introducing an internet-connected product to permit remote, cloud-based access to any System starting in the first half of 2016. This connectivity will be backward compatible to all of the currently installed FloLogic Systems.
Fueling the Company’s domestic sales are the incentives by a growing number of property and casualty insurance companies offering policyholder discounts to those who install the FloLogic System in their home. Chubb and Sons, AIG, Fireman’s Fund, Ace, Pure and others currently offer 5 – 15% annual policy credits while others, including State Farm, require the installation of the FloLogic System as a condition of insurance renewal or new policy issuance.
Property damage due to plumbing failures is the most preventable claim in the property insurance industry today. Claims for plumbing leaks account for roughly 25% of all claims filed and 22% of all losses paid in the U.S. property and casualty insurance market.
Fresh water has become an increasingly scarce resource as population growth continues to outpace existing water supplies. There are over 50,000 water-utility companies in the U.S. who operate approximately 160,000 water systems bringing potable water to cities and rural areas. The American Water Works Association (AWWA) reports that annual indoor water usage averages 102,000 gallons per US household. After conducting two separate studies, both the EPA and AWWA report that 14% of this water use is attributed to plumbing leaks. That equates to approximately 14,000 gal of wasted water for each home in the country and collectively almost two trillion gallons per year.
Property damage resulting from plumbing leaks and the scarcity of fresh water are problems that are not limited to North America. These problems exist worldwide and the Company is positioned to broaden its scope through licensing agreements in Australia, New Zealand and throughout Europe.
The FloLogic System has been awarded the “Best of What’s New” award by Popular Science magazine, Fortune Small Business magazine as 65 “Big Ideas”, awarded the “HANDY Innovative Technology Award” by HANDY magazine, “Top 100 Products” by Building Products magazine (#55), Top 100 Products, Qualified Remodeler magazine (#22), and others and was featured on the Ask This Old House television program during March of 2011.
Team (2)
Sectors FloLogic, Inc. serves:
Technology
Manufacturing
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