In early 2018, I learned about an emerging start up in the IoT water monitoring space in Toronto called Eddy. I had sold my business a few years before, subsequently transitioning into the investing/advisory world and became intrigued by the massive opportunity of the Smart Home space.
I knew nothing of the looming risk of water. With little visibility into insurance statistics, I knew nothing of mounting water damage claims, or the billions spent yearly in restoration of damages. Eddy sounded like a cool idea, so I went ahead and had the IQ installed on my home’s water main.
The App was easy to use and the installer quite nice. All in all, not a bad experience.
But it was weeks later that I understood the real value of Eddy.
I was out, and I received a call from Eddy’s monitoring center. It appeared that a major leak was detected, and the IQ had shutoff my water as a precaution. When we returned home, sure enough – a pipe had burst in my basement, and without Eddy, my entire basement would have flooded. I was hooked.
Fast forward to nearly a year later. I’m now the President and CEO of Eddy, after becoming an investor and member of the board. I began my tenure in December with a goal to grow Eddy into a world leader in intelligent leak detection and protection for homes and buildings. Our suite of products provides comprehensive coverage for all types of structures, with a behavioural learning/AI system that understands each property’s unique water consumption patterns. It’s a busy time at Eddy, and we continue to grow our installation base and network each day.
After four intense months, I took a vacation, and wouldn’t you know it, my pipes leak again. Another major issue in my basement, and another crisis averted by the Eddy IQ.
It’s amazing how often these types of situations can occur. Faulty plumbing, appliance failures, leaky, frozen, and bursting pipes – you name it, we’ve seen it. In fact, our technology regularly detects more than a thousand issues a month across our customer base.
Thanks to Eddy, I didn’t return to a swimming pool in my basement – twice. Have you ever heard the phrase: “I’m not just the president, I’m a customer”? Well, I’m here to tell you, I’m not just the president, or just a customer. I’m living, breathing proof in the value our system – having personally avoided tens of thousands of dollars in damages, not once, but twice.
And you know who else loves Eddy? My insurance company.
Eddy’s CEO and President, Travis Allan, is an experienced and driven entrepreneur and executive with significant experience creating and cultivating start-up organizations. With an MBA from Western University’s Ivey School of Business, Travis has the knowledge and background to facilitate a rapid growth in sales, profitability, investor value, and customer retention.
Win of the Week – ERA at Yonge
ERA at Yonge Condos is a new development by Pemberton Group located at Highway 7 & Yonge Street in Richmond Hill. With Yonge Street, Langstaff GO Station and Highway 407