| Website | FloodWatchUSA.com |
| Category | Security |
| Phone | 585-576-7971 |
| Employees | |
| Founded | 1/08 |
| Description | Game Changing Patented Water Sensors |
FloodWatch will bring game changing, patent pending, water detectors to the market. to (1) protect building owners from the costs associated with water damage caused by plumbing and appliance failure and (2) protect people and entities from the costs and injuries associated with slip and fall incidents due to wet floors.
In the U.S., insurance claims from plumbing and appliance problems occur 2 million times each year (average every 15 seconds) and result in over $7B in damage, plus an additional $7B in follow-on toxic mold damage. By comparison, there are about 400 thousand structural fires each year, which result in $6B in damage. Therefore, it is five times more likely that a structure will have significant water damage than fire damage.
According to the Chubb Group of Insurance Companies, 37% of homeowners have reported water related damage, and fewer than 3% of homeowners have installed any type of water detection and shut-off technology. FloodWatch’s products have strong market acceptance by and will be distributed through the security industry to the commercial and residential markets. We are developing the “Go-to-market” version of initial products and will be ready for order fulfillment by 1Q, 2010. U.S. placement opportunity of over 200M units.
According to Tri-Ed, a major distributor in the Security Industry, FloodWatch’s products are far superior to the competitions (avoids the safety and reliability issues) and will be a winner in the marketplace. The company revenue/EBITA projections are $4.6M/$362K in 2010 and $76M/$28M in 2014. The company is looking for an additional $300K in Round 1 funds to complete development and enter the market and Round 2 funds of $500K, which is expected to take the company to financial stability.
