Saving consumers about $250 a year in water-related expenses, Conservation Labs is introducing H2know, an affordable, innovative smart water meter that is easy to install and access through an app, at CES 2018 on Jan. 9-12, 2018. (Booth #52335, Sands, Hall G – Eureka Park Marketplace).
The new company’s non-invasive solution, which recently received recognition from the Consumer Technology Association, will cost about $100, far less than other solutions on the market, and works with the homeowner to save money and prevent damaging and costly leaks.
“Conservation Labs was founded not only to save consumers money but also to give them peace of mind,” said Mark Kovscek, founder and CEO. “H2know is an affordable and easy to install device that we estimate can save the average homeowner about $250 a year in water-related expenses. Many consumers don’t realize the money they are losing that is literally going down the drain and that as many as 1 in 50 homes will have significant plumbing problems this year.”
Kovscek, a veteran entrepreneur with a degree in Applied Mathematics from Carnegie Mellon University, built H2know’s proprietary machine learning approach that estimates water usage, provides real-time alerts and identifies the source of leaks as well as custom conservation recommendations. The device can estimate water flow down to the second and categorize use by each appliance.
Throughout his career, Kovscek has used data science to solve complex business problems. The inspiration for H2Know started in 2014 when his family’s water bill spiked $100. Through trial-and-error, he discovered a leak in the heating system. He also discovered devices on the market in 2014 cost more than $1,000 and required a plumber.
“I knew there had to be a better way. I’ve been working on this ever since,” Kovscek said. “It’s been the most important challenge of my career and I’m very excited about the level of talent that has joined our team.”
H2Know has been tested and improved through residential and commercial field tests since October 2017, including Chatham University in Pittsburgh, who, along with CMU’s Entrepreneurial Center, has also provided strategy and product assistance.
Analysts predict the smart water-meter space is on track to become a $2 billion industry as water rates increase, environmental concerns heighten, and consumers grow more accustomed to smart-home devices.
“Within five years, analysts expect 12 million homes in the U.S. will have water-tracking or leak detection devices. We have developed an affordable product that we think is needed for saving water and money in both residential and commercial properties,” Kovscek says.
Conservation Labs will also be receiving one of the first CES Eureka Park Climate Change Innovator awards. The company is also launching an Indiegogo campaign to bring H2know to market after CES.