Smartvatten makes acquisition to boost IoT-monitoring of water usage in European buildings

Sustainable water usage is becoming an increasingly urgent topic across Europe.

Smartvatten is looking to use the Internet of Things to make buildings across the continent more efficient and less wasteful when it comes to water.

Smartvatten is acquiring fellow Finnish company LeakLook in a deal aimed at creating a unified platform for sustainable digital water management solutions.

LeakLook specialises in IoT-driven water monitoring for real estate, with Smartvatten hoping to use that knowledge to create Europe’s leading water management and analytics platform.

Combined, the two companies already monitor water flows at more than 40,000 properties in over 30 countries.

“Our combined capabilities open up new opportunities for smarter water management for property owners, building operators and tenants alike,” Smartvatten CEO Petter Quinsgaard says.

Efficient water management is becoming increasingly important to real estate owners due to increased water scarcity and rising prices.

Smartvatten says it detects more than 50,000 water leaks each year, helping save millions of liters of water.

Together with LeakLook it now aims to develop even more efficient IoT-enabled water monitoring devices and AI-powered analytics.

“Smartvatten's culture and technological strengths mirror our own, and together we can create solutions that go beyond what any company has delivered before,” LeakLook Chairman Jarkko Mäkivaara says.