Spanish water leak detection company Aganova plans to drive US expansion in tackling water loss following investment from Cimbria Capital and Emerald Technology Ventures.
Taking on the leakage challenge
Spanish leak detection company Aganova has secured investment from two growth equity investment companies, Emerald Technology Ventures and Cimbria Capital.
The financial cost from the 126 billion cubic meters of lost water annually is in the region of $39 billion per year.
The investment will see the Spanish company leverage Cimbria’s Acceleration Program and help with development in the North American market.
Non-revenue water, i.e. water that has been treated but is lost through leaks, overflows, theft and meter inaccuracies continues to be a huge challenge for the water sector.
Estimates from the International Water Association (IWA) suggest the financial cost from the 126 billion cubic meters of lost water to be in the region of $39 billion per year, from 2018.
Although this is thought to be a conservative estimate, as measuring lost water and its value can be challenging.
Uncovering leaks within 7 days
Founded in 2008, the company’s core technology – the Nautilus System – consists of a 60mm sphere containing leak detection hardware. Data can be extracted and then analysed using mathematical algorithms to uncover leaks within seven days, according to BlueTech Research.
The primary goal was to identify an accurate and cost-effective leak assessment tool for long-term asset management.
To date, Aganova’s technology strategy has focused on transmission mains (vs distribution mains), due to the pipeline size.
Applications have included Nuevo Mexico, Qatar, Ibiza and the City of Phoenix, Arizona. For the latter, a trial was part of a larger infrastructure planning effort. The primary goal was to identify an accurate and cost-effective leak assessment tool for a long-term asset management program.
The Nautilus was tested on a four mile stretch of 20 and 23-inch water main, eventually identifying and locating three leaks and an air pocket.
Driving functioning water assets
It’s been estimated that the global pipeline monitoring system market is expected to grow by 5.9 per cent between 2020 and 2027, eventually being worth $7.9 billion.
Emerald had previously invested into other companies involved in this market, including SewerAI and FIDO.
Helge Daebel, Emerald Partner and Brian Iversen, managing partner at Cimbria, will both join the Aganova board of directors.
“Due to the age of much of our existing infrastructure and years of underfunding, Aganova’s technology will be critical in helping ensure the functioning of essential water assets and services,” said Daebel.