The investment establishes a 50 percent ownership in the venture
APPLE VALLEY, Minn. — Uponor Corp. announced it will invest an additional $10 million in Phyn, a joint venture between Uponor and Belkin Intl., bringing its total investment in the company to $25 million. With this second round of funding, Uponor establishes a 50 percent ownership in Phyn, with the other 50 percent owned by Belkin Intl.
Phyn will use the funding to further accelerate market penetration and scale the company’s operations as it prepares for commercialization in late spring of its debut product Phyn Plus, smart water assistant + shutoff. As a joint-venture company, Phyn will be consolidated into Uponor’s financial accounts using the equity method.