On World Water Day, I'm excited to announce that we have raised $2.1M in funding from some of the top Silicon Valley VC firms including Refactor Capital (cofounded by David Lee of SV Angel and Zal Bilimoria of Andreessen Horowitz), Fall Line Capital (cofounded by Eric O’Brien of Lightspeed), 500 Startups, Unshackled Ventures, Jacob Gibson (cofounder of NerdWallet), and a few other amazing investors. With such an awesome team around us, 2017 is going to be fantastic.
When you look at the water treatment facilities, assets are very critical to their operations. These assets can be pumps, pipes, evaporators, chlorinators, and so on. Most of the inefficiencies like water leakage, monetary losses, or compliance related fines can be directly attributed to assets' performance. So why don't water facilities just replace the assets when they go down in efficiency? One of the biggest problems here is that assets are very expensive. Replacing them is not an option until it completely dies down. Given this situation, what can the water facilities do to solve their problems?
Over the past few years, the business world has seemed to enter a frenzy around buzzwords like “analytics,” “big data,” and “artificial intelligence.” There are two key elements to this phenomenon. First, the amount of data generated has exploded recently. Second, effective marketing schemes have created an “analytics” frenzy. In many cases, business and utilities don’t even know why they need or want hardware (sensors, meters) that will allow them to collect data every 15 seconds. Even when they do that, they are not sure why they need an analytical software component to study the abundance of data. Business and utility managers simply want to increase revenue and decrease costs, but don’t care about the specifics.
For years, the water industry has been thought of as a slow moving sector that’s resistant to change. This makes it difficult for startups to come up with creative solutions and iterate on them quickly. Water utilities are filling up with new, vast amounts of data that can be utilized to create unforeseen jumps in operational efficiencies and margins. But it’s difficult for startups to build and test solutions because the water industry doesn’t want to change its status quo. This creates an unfortunate barrier for modern technologies to enter the water market. Why is it relevant now? Why do we need to care about it?