FloodWatch, LLC has developed a revolutionary optical based moisture alert system. This technology is able to detect very small quantities of water and other fluids from up to 20 feet away while being unobtrusive. As FloodWatch is optical it can be mounted on the wall or ceiling. This gives it many advantages over contact based solutions including reliability, large coverage area, flexibility and safety.
Each year, water causes over $7 billion dollars in damage to homes and commercial buildings in the U.S. This includes over 1.4 million insurance claims costing on average $5,000. While you might think most of these are caused by weather, according to Safeco Insurance, 92% of these claims are actually caused by appliance failure or faulty plumbing and are often followed by an even bigger problem for building owners - Toxic Mold.
Based on a survey by Chubb Insurance, 37% of U.S. home-owners have reported water related damage and yet only 3% of the over 100 Million home owners have installed a water detection system.
On a worldwide basis, there is the opportunity to place hundreds of millions of water detectors. Placing just 5% of the North American market is a revenue opportunity of over $500 million.
FloodWatch, LC is looking for $500,000 to $1M in funding and is projecting a 4th quarter 2008 entry into the market.
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