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Princeton-based growth equity firm Edison Partners has announced a $43 million investment in Zionsville, Indiana-based green infrastructure company 120 Water, a leading cloud-based water management and testing system. Aros Ventures also continued to participate.
Founded by Megan Glover, an experienced software-as-a-solution executive, in response to the Flint, Michigan water crisis, 120Water helps utilities and local governments automate and manage water testing processes, aggregate data, and We offer cloud-based solutions to help you manage your business. . We also provide testing and consulting services.
With strict new water testing regulations taking effect this October, 120Water is poised for significant growth in its $2 billion addressable market.
The new funding will be used for further expansion of the 120Water team, technology investments and go-to-market activities.
New improved federal lead and copper regulations mean drinking water in each state will be 100% lead-free, and all service lines in the U.S. will be cataloged and subject to regular testing, monitoring and remediation starting October 16th. It is compulsory to receive the The EPA estimates that 9.2 million lead service lines supply water to community facilities across the United States, affecting approximately all 50 states.
Complying with the LCRI can be an expensive and unmanageable challenge for state governments, regulators, and local water utilities. 120Water uniquely offers the only platform that provides a complete end-to-end digital water compliance solution with data collection and aggregation solutions, testing capabilities, kit delivery, program management, and consulting services. The platform’s rapid adoption has led to a surge in new customers and revenue growth of more than 60% annually. LCRI’s immediate inspection and compliance market is estimated at more than $2 billion.
“Over the past seven years, 120Water has built a uniquely scalable, cloud-based, end-to-end platform while also becoming recognized as a thought leader in LCRI compliance and remediation. ,” said Ryan Ziegler, Edison General Partner. He will join the company’s board of directors, he said. “Co-founder and CEO Megan Glover is a water quality expert with a strong vision and works with a highly talented team. We are proud to partner with 120Water. 120Water helps power companies of all sizes efficiently and affordably leverage the latest technology to address challenging federal and state requirements.”
120Water’s integrated software solution provides easy-to-access and seamless test coordination, secure data processing, reporting, and workflow management for LCRI monitoring in one place. The software extends beyond lead and copper (LCRI’s focus) to help regulators and utilities more effectively manage all water quality compliance while increasing public transparency. In addition to investing in compliance management software, 120Water’s environmental laboratory network is uniquely positioned to help water systems and regulators meet the demands of emerging water quality regulations such as PFAS.
“Next year, the availability of water utility lead service pipe inventories to the public is expected to increase awareness and public demand for faster improvements in water quality,” Glover said. “For our next phase of expansion, we feel well-prepared with the partnership and operational expertise provided by Edison as we continue to grow and confidently support this pressing demand.”
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