The round was supported by all existing investors, including 2bX and Styx, alongside a new strategic angel consortium.
Enzo plans to use the funding to accelerate its growth. The company has developed an IoT and AI-based technology that allows for the easy retrofitting of any building and digitises the water supply system. The AI-powered data analysis can differentiate between normal consumption patterns and anomalies.
In the instance of a leak, owners or service providers are immediately informed, speeding up the time it takes to repair such leaks. Enzo’s one.drop technology aims to significantly reduce the substantial annual damage costs (in the billions) and the considerable loss of drinking water.
Building insurance has very high cost pressures. Enzo already partners with several renowned insurers, helping them to reduce loss ratios. Enzo will use the funding to increase its capacity, serve more insurance partners, and protect further buildings from water damage.
Sascha Wolf, CEO of Enzo, stated: “50% of all building damage is caused by defective water pipes. Undetected defects in water pipes can have devastating consequences. Our technology has the potential to fundamentally change the management of water pipe damage, avoiding significant costs and water losses.”
Without taking preventative measures, the damage costs caused by defective water pipes across Europe are expected to rise significantly. Factors such as aging infrastructure, rising construction costs, and renovation backlogs contribute to this. Cumulatively, damage costs for insurers in Europe could exceed €650 billion over the next 10 years. Early detection and rapid action can reduce up to 70% of these costs.
