IN BRIEF: Ondo InsurTech shares up as deal signed to save water

Ondo InsurTech PLC – London-based insurtech firm formerly known as Spinnaker Acquisition – Says Portsmouth Water have signed a new deal to pilot using LeakBot to homeowners to save water in their customers’ homes. Says the Havant-based water utility company will buy 1000 LeakBot devices and distribute them to their customers, measuring the impact on water usage. ‘Portsmouth Water will use the LeakBot system to detect and fix leaks,’ Ondo says. LeakBot is an end-to-end internet of things solution which protects homes from the impact of water damage.

Ondo InsurTech Chief Executive Officer Craig Foster says: ‘LeakBot has been proven to make a significant contribution to finding and fixing water leaks in domestic houses in the work we have already been doing with home insurance companies. The Portsmouth Water pilot takes this to the next level, with a water company now supporting the rollout of the technology to metred customers – saving water, and reducing both water bills and home insurance costs.’

LeakBot previously published research showing the system finds 43% of homes have a leak at an average flow rate of 30 litres per day. ‘If all 20 million houses in the UK had a LeakBot, the system could prevent an estimated 250 million litres of water being lost to leaks each day,’ Ondo notes.

Current stock price: 8.45 pence, up 4.0% on Thursday

12-month change: down 46%

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