LeakBot

insurtechiot (preventive insurance/telematics)

FOUNDING YEAR:
LOCATION: United Kingdom
Last Update: 12/02/2020

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

About

HomeServe Labs are developers of smart home tech. Our first product is Leakbot, a super smart IOT leak detector designed to help property insurers reduce the cost of escape of water claims Leakbot uses breakthrough sensor technology which means a single Leakbot clipped to a pipe can detect even the smallest leak anywhere on the mains water system

MEDICI Analysis

Leakbot offers smart water leak detectors that can spot hidden leaks and notify user through their smartphones, thereby enabling insurance carriers to proactively prevent claims. Leakbot has developed a Thermi-Q technology that can accurately measure both air and water temperatures in the house. Since the leak will create a consistent drop in temperature, Leakbot detects this consistent drop in temperature and alerts the owner of the house about possible water leakage.

Focus

PRODUCTS & SERVICES

It offers Leakbot, a smart leak detector that can detect water leaks anywhere on the mains water supply in the home. Users simply have to download the app, activate their account and clip LeakBot to the pipe.In case of leakage, the platform also helps users to book an approved expert plumber directly from the app.

REVENUE MODEL

Leak detection as a service: Insurer pays HomeServe Labs a small recurring fee (minimum 12 month commitment). Device distributed to end user for free.

PRIMARY PROBLEM SOLVED

Escape of water claims for home insurers. These are the biggest single peril on property policies worldwide. For example in the UK they account for 25% of all claims by value. The claims tend to be small, hidden leaks that cause damage over time and go un-noticed. Current IOT leak detectors are too expensive and ineffective and do not solve this problem for insurers. Leakbot has been design to be self install, and cheap enough to give away for free with an average home insurance policy.

INTELLECTUAL PROPERTY

Patent(s) FILED

company provided insights

Traction

REVENUE

$0 - $99k

REVENUE COMMENT:

confidential

TRANSACTIONS COMMENT:

Confidential information

ACTIVE USERS:

<500

ACTIVE USERS COMMENT:

"Very easy to install, and use" "Cute" "I like that my insurer wants to protect my home"

People

BOARD MEMBERS AND ADVISORS

Steve Horley

NUMBER OF EMPLOYEES

11-50

COMMENT:

Team is a great blend of top rate tech talent hired in London CTO: Alessandro Mariotti, previously at Arrayent IOT Hardware: Jon Larkin previously at Phillips,GHD Inventor: Sam Bailey, PDH Complimented with a team from HomeServe who have years of experience in plumbing,the home assistance market

Momentum

FUNDED

NO

LISTED

YES

For Investors

FUNDING NEEDED:

£1.00

USES OF FUNDS RAISED:

1. BETA trials across multiple countries

EXIT STRATEGY

No exit strategy. HomeServe Labs is wholly owned by the HomeServe Group

MONTHS LEFT WITH CURRENT CASH BURN RATE:

12 months from 1 Aug, 2016

COMPETITORS:

Water Hero

BASICS

Views:

158 VISITORS | 240 VIEWS

About

HomeServe Labs are developers of smart home tech. Our first product is Leakbot, a super smart IOT leak detector designed to help property insurers reduce the cost of escape of water claims Leakbot uses breakthrough sensor technology which means a single Leakbot clipped to a pipe can detect even the smallest leak anywhere on the mains water system

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

Leakbot offers smart water leak detectors that can spot hidden leaks and notify user through their smartphones, thereby enabling insurance carriers to proactively prevent claims. Leakbot has developed a Thermi-Q technology that can accurately measure both air and water temperatures in the house. Since the leak will create a consistent drop in temperature, Leakbot detects this consistent drop in temperature and alerts the owner of the house about possible water leakage.

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

Join the exclusive global FinTech community

Be a part of the global FinTech community on Slack

LeakBot

About

HomeServe Labs are developers of smart home tech. Our first product is Leakbot, a super smart IOT leak detector designed to help property insurers reduce the cost of escape of water claims Leakbot uses breakthrough sensor technology which means a single Leakbot clipped to a pipe can detect even the smallest leak anywhere on the mains water system

Focus

PRODUCTS & SERVICES

LeakBot is a breakthrough super smart leak detector. Brand new technology means a single device can clip onto a mains water pipe and detect a leak anywhere on the mains water system. LeakBot is designed for property insurers to give away for free, and is designed to pay back based on the escape of water claims prevented. LeakBot launched in June 2016 and HomeServe Labs are working with a number of major insurers around the world.

REVENUE MODEL

Leak detection as a service: Insurer pays HomeServe Labs a small recurring fee (minimum 12 month commitment). Device distributed to end user for free.

TOP PROBLEM SOLVED

Escape of water claims for home insurers. These are the biggest single peril on property policies worldwide. For example in the UK they account for 25% of all claims by value. The claims tend to be small, hidden leaks that cause damage over time and go un-noticed. Current IOT leak detectors are too expensive and ineffective and do not solve this problem for insurers. Leakbot has been design to be self install, and cheap enough to give away for free with an average home insurance policy.

PRODUCT DEVELOPMENT STAGE

COMMERCIAL LAUNCH

PRODUCT DEVELOPMENT COMMENT

Product has been field-tested for past 2 years. Full product launch happened in June 2016

KEY DIFFERENTIATORS

Leakbot uses unique Thermic-Flow technology to detect leaks. This means a single unit can be self-installed by an insurer and can detect a leak anywhere on the main water system

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Consumer

People

NUMBER OF EMPLOYEES

11-50

KEY EMPLOYEES:

CEO: Craig Foster

CTO: Alessandro Mariotti

CMO: Alex Dixon

COO: Nick Lobban

TEAM COMMENT:

Team is a great blend of top rate tech talent hired in London CTO: Alessandro Mariotti, previously at Arrayent IOT Hardware: Jon Larkin previously at Phillips,GHD Inventor: Sam Bailey, PDH Complimented with a team from HomeServe who have years of experience in plumbing,the home assistance market

BOARD MEMBERS AND ADVISORS:

Steve Horley

Momentum

FUNDED

NO

FUNDING COMPLETED

NO

LISTED

YES

FUNDING SERIES