We are beyond excited to announce that Moen has now taken a majority-stake in Flo Technologies. Moen is the #1 consumer faucet brand in North America, committed to leading water experiences in the home and, through our partnership, water management and security. Driven by our shared values and our complementary talents, we strive to continue to revolutionize smart home technology and water security with Moen. Together, we provide consumers with the ability to manage and secure their home’s water supply and plumbing with innovative technology and beautiful water experiences.
For years, my father quietly built what is now the industry-leading and award-winning smart home water-monitoring and leak-detection device, the Flo by Moen Smart Water Shutoff. Designed to prevent the same kind of catastrophic water damage and loss that my family and I endured over ten years ago, developing the Smart Water Shutoff was just the beginning of our mission.
In 2015, we began to build our startup and perfect our products from the ground-up with a small team and big dreams. We debuted our Shutoff at CES in 2018, where we were first recognized by Moen. Fast forward one year: Fortune Brands Home & Security Inc., the parent-company of Moen, made their first investment in us and our award-winning product with Series B funding, launching our partnership to together develop the Flo by Moen Smart Water Security System.
Earlier this year, the guarantee that our system prevents the most common cause of preventable homeowners insurance claims was validated by LexisNexis, the leading provider of essential data to help the insurance industry predict and manage risk. The LN study revealed that homes with a Flo by Moen Smart Water Shutoff installed saw a 96% decrease in water damage insurance claims, and a 72% decrease in claims severity. Our mission, to prevent loss one drip at a time, is being achieved every day with our Shutoff installed in thousands of homes.
Moen's confidence in Flo Technologies and the strength of the Flo by Moen Smart Water Security System is an honor that we are truly humbled by. Of all the smart home water devices out there, Moen has placed their value on us and we are proud to expand our partnership. When you make water smart, smarter outcomes start happening. Our AI combined with Moen’s scale and development will change the way people all over the world experience water.
We thank you, our Flo Family, in helping us get to where we are today. We promise to continue delivering quality while never missing a drip when it comes to your home's smart water plumbing. And, with Moen’s stake, you can expect even more great things to come this year and beyond. If you are new, I am pleased to welcome and invite you to learn more about the Flo by Moen Smart Water Security System here. We look forward to continual growth and achievement with Moen as a majority partner to expand smarter plumbing in all homes around the world and prevent loss, one drip at a time.
CEO & Co-Founder