Conservation Labs Inc., maker of smart water monitor H2know™, has raised a $1.7 million seed round investment. The round was led by Chicago-based IrishAngels, with additional investment from the Amazon Alexa Fund, Serra Ventures as well as Pittsburgh investors Mountain State Capital and Innovation Works. The new investment round will enable the Pittsburgh startup to launch H2know, an innovative product that monitors water use.
Conservation Labs was founded in 2016 by CEO Mark Kovscek. The startup is a graduate of the Alexa Accelerator, powered by Techstars.
By combining technology with machine learning, Conservation Labs invented an affordable way to protect a property from water damage. H2know will launch in early 2020 to commercial customers, starting with multi-family properties and restaurants, followed by the residential sector.
“Smart water technology is expected to hit $2 billion in the U.S. residential sector alone in five years,” said Lauren DeLuca from IrishAngels, who will join the board with the seed round. “As water rates increase, environmental concerns heighten and consumers grow more accustomed to smart-home devices, we felt now was the time to invest in Conservation Labs and help bring H2know to customers.”
IrishAngels is comprised of 225 investors with startup or finance backgrounds in a variety of sectors. IrishAngels members are interested in identifying and investing in the most promising early-stage ventures and are able to leverage the extensive Notre Dame network to provide value to its portfolio companies.