HG Ventures, Allos Ventures, Greenhouse Capital Partners invest in water program management software platform to fuel product innovation and hiring
Indianapolis — September 17, 2019 — 120WaterAudit, the industry-leading cloud-based water software platform, today announced $7 million in Series A funding, led by HG Ventures — the corporate venture arm of The Heritage Group, partnering with innovative, high-growth companies to support a sustainable future — with participation from Allos Ventures and Greenhouse Capital Partners. Funds will be used to enhance 120WaterAudit’s Digital Water Cloud platform and rapidly expand sales and marketing.
According to a 2018 study, nearly half of all U.S. students go to schools in states that do not have specific programs for testing drinking water and more than 40 percent of schools turned up samples with higher than recommended levels of lead. 120WaterAudit’s software and kits are used by government agencies, public water systems and facilities tasked with executing such regulated and voluntary water programs. 120WaterAudit manages over 150,000 locations in 12 states impacting more than 4.5 million lives.
“At 120WaterAudit, our mission is to help protect public health by providing the enterprise software and kits that transform the way our customers manage their water programs,” said Megan Glover, CEO of 120WaterAudit. “This funding provides us the opportunity to continue optimizing our current capabilities and expand into other related industry and water management programs on a national scale.”
Within the past two years, 120WaterAudit won the Rise of the Rest pitch competition, quickly followed by the company’s acceptance and win of Imagine H20’s 2019 accelerator cohort with the vision of building more sustainable solutions for water resource management. Notable customers include Indiana Finance Authority, Maryland Department of Environment, Chicago Public Schools, and Pittsburgh Water & Sewer Authority.
“We have followed the 120WaterAudit story closely over the past few years and have been consistently impressed with their environmental vision and dedication to making communities safer and more aware of the quality of water they’re delivering to residents,” said Kip Frey, Managing Partner of HG Ventures and EVP of HG Ventures’ parent company, The Heritage Group. “This partnership comes at a time where advanced digital technology is critical to ensuring the wellbeing of our current communities and future generations. We look forward to working hand-in-hand with 120WaterAudit to continue driving the company vision forward and improving the quality of today’s water supply.”
“120WaterAudit is bringing an innovative testing and software solution to ensure reliable water quality in cities, towns and school systems that are facing ever-increasing water contaminants,” said Allos Ventures Managing Director, David Kerr. “We’re excited to be investing in Megan and the 120 Water team. They bring a fresh perspective along with an industry-leading digital solution to address the challenges water systems face in maintaining the public’s trust and ensuring clean water at the tap.”
Kip Frey, Managing Partner of HG Ventures and David Kerr, Managing Director of Allos Ventures, will join the 120WaterAudit Board of Directors.
120WaterAudit recently announced the addition of its predictive intelligence module, which includes its Lead Service Line Probability Finder™. This functionality streamlines the lead service-line inventory process using geographic, demographic and customer data to pinpoint properties that need to be addressed, eliminating the need for complicated spreadsheets.
“We believe the 120 Water Audit team is one of the best in the industry and that they will continue to provide innovative advanced solutions to address many of the pressing needs in the space,” said Eric Desai of Partner of Greenhouse Capital Partners.
“Working with 120WaterAudit has played a key role in ensuring we have immediate access to the data we need to ensure the water in our facilities is safe,” said Rob Christlieb, Director of Operations, Facilities for Chicago Public Schools. “We’re focused on transforming our existing program and are completely confident that 120WaterAudit can help us achieve this goal as we both share in the mission to provide our students with water that is safe for consumption.”
To learn more about 120WaterAudit, visit 120wateraudit.com.
120WaterAudit is the leading enterprise software and kit platform company that helps government agencies, public water systems and facilities manage and execute water and infrastructure programs. Visit 120WaterAudit.com to learn how their software and point of use solutions help Government Agencies, Public Water Systems and Facilities manage drinking water programs that comply with federal and state regulations.
About HG Ventures
HG Ventures is the corporate venture arm of The Heritage Group. HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with private companies developing new technologies and approaches in both our core and adjacent markets. We leverage the world-class expertise of The Heritage Group operating companies and research center to offer a unique value proposition to our portfolio company partners.