London-based start-up Hero Labs has secured 拢2.5m in seed funding.
The tech firm uses AI to help prevent flooding and water wastage with artificial intelligence, a market which costs the UK insurers an estimated 拢1bn per year.
The funding is led by Earthworm Group, with a further 拢300,000 through an EU innovation grant and private investors.
The funding will allow Hero Labs to accelerate development of a new product, which it calls the UK鈥檚 first smart leak defence system 鈥楽onic鈥�.
The Sonic app sends an alert via an app, and can automatically shut off the water supply when a leak is detected.
鈥淭his funding marks a successful first chapter for Hero Labs,鈥� said Krystian Zajac, founder and CEO of Hero Labs.
鈥淗aving 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 benefiting the environment.
鈥淥ur 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鈥�.
Alongside the funding, Earthworm鈥檚 head of projects and partnerships Will Brocklebank, will join the board at Hero Labs.
鈥淓arthworm invests in businesses that will bring a positive change for the environment,鈥� said Brocklebank.
鈥淭his is why we chose to support Hero Labs, as we believe it is one of the most exciting companies in this space that will have a real impact on reducing water waste in the UK.
鈥淗ero Labs has a huge potential to grow to address a pressing environmental issue.鈥�