You must have heard of Shayp, a Belgian start-up, founded in 2017. They created a device that monitors water consumption of any building, allowing to detect any water leakage.
They started with targeting public institutions and detected a leak on the Manneken Pis. Turned out the Brussels symbol had been leaking since its construction. “Instead of having a closed-circuit like any fountain, the [Manneken Pis] consumed 55L/hour”, said Alexandre McCormack, founder of Shayp.
After targeting public buildings, Shayp is now coming after the retail market. To be able to expand, the Belgian start-up has recently raised 450 000€, after its 1st fundraising in 2017.
Why are we talking about Shayp ?
Simply because water damages represent each year 12 billion€ of claims in Europe. If most of those claims could be avoided by detecting beforehand any water leakage, insurance companies would save a significant amount of money.
Many insurers showed interest in this project, but only one has so far offered a signed partnership. The identity of this international insurance company has not been revealed yet, but its plan is to offer an additional service to its clients.