120Water
Overview
120Water is a pioneering cloud-based water management system headquartered in Zionsville, Indiana. Founded in 2016 by Megan Glover, David Kohl, and Christopher Baggott, this company specializes in providing digital water compliance solutions to help utilities and regulators manage water quality programs. It has raised substantial funding, most recently securing a $43 million investment led by Edison Partners in January 2024. 120Water's innovative platform integrates software, testing capabilities, and program management services, focusing on ensuring safe drinking water by addressing issues like lead and other contaminants.
Recent Developments
Over the last two years, 120Water has experienced rapid growth and advancement due to strategic investments and regulatory opportunities:
- January 2024: 120Water announced a notable $43 million Series B funding round, significantly led by Princeton-based Edison Partners, with participation from Allos Ventures. This injection of capital is aimed at expanding their technological and market reach and is considered the largest capital influx in the company’s history.
- June 2024: Brian Crow joined 120Water as Chief Product Officer, bringing extensive experience from Xylem, where he led the company’s software-as-a-service operations. This addition is part of a strategic effort to enhance the company’s product development and innovation capabilities.
- September 2024: The company welcomed Jennifer Fulk as the new Chief Financial Officer and Chief Operating Officer, highlighting its growth trajectory and need for enhanced financial and operational leadership.
- Ongoing 2024: The implementation of the Lead and Copper Rule Improvements (LCRI) has positioned 120Water at the forefront of providing solutions required by new federal regulations impacting water utilities across the United States. This includes compliance assistance for over 5,500 water systems.
- Networking and Technology Enhancements: The continuous rollout of state-specific mapping tools and enhancing their Esri GIS integration have been instrumental in helping utilities manage compliance more efficiently.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2016 |
| Headquarters | Zionsville, Indiana, USA |
| Founders | Megan Glover, David Kohl, Christopher Baggott |
| Revenue | $15.8 million (Latest reported) |
| Profits | Not Publicly Disclosed |
| Key Investors | Edison Partners, Allos Ventures, HG Ventures |
| Industry | Water Management Software, SaaS |
| Number of Employees | Approximately 75 |
Early History
The inception of 120Water was influenced heavily by the Flint water crisis. Megan Glover, driven by concerns about lead in drinking water and the absence of affordable testing solutions, co-founded the company to fill this gap by providing at-home water testing kits. Originally working from her parent's garage, Glover, alongside her co-founders, transformed the company from a consumer-focused startup into a B2B powerhouse. The pivot towards serving utilities and offering comprehensive compliance solutions allowed the company to scale significantly, demonstrating strategic agility and market adaptability.
Company Profile and Achievements
120Water's business model centers around its innovative digital platform that offers an end-to-end solution for water quality management:
- Business Model: The platform combines software with consultative services and physically distributed testing kits to streamline compliance with federal regulations like the Lead and Copper Rule.
- Achievements:
- Raised over $57 million in various funding rounds, including the substantial $43 million in 2024.
- Established a customer base of over 5,500 water system clients across the United States.
- Winner of the 2022 Water Data Prize, awarded by the Environmental Policy Innovation Center.
- Expansion of service lineup to include PFAS testing and compliance, reflecting a responsive adaptation to emerging water quality challenges.
- Expansion Efforts: 120Water has actively engaged in partnerships with entities like Anthem Blue Cross Blue Shield of Georgia and various state water associations to enhance the reach and efficacy of its compliance programs.
Current Operations and Market Position
Currently, 120Water is engaged in crucial regulatory markets, providing necessary technologies to manage evolving compliance requirements for water utilities. Significant growth is supported by federal initiatives like the Lead and Copper Rule Improvements, which expanded the immediate market for their services to over $2 billion. The company boasts a 60% annual growth in revenue and continues to attract investment from high-profile funding rounds, positioning itself as a leader in water management compliance. Its comprehensive services integrate seamlessly with existing utilities’ systems, offering a unique competitive advantage.
Conclusion
120Water stands as a prominent figure in the evolution of water management technologies, particularly noted for its innovative approaches to compliance challenges faced by public institutions. With substantial support from investors and the strategic foresight of its leadership, 120Water is poised to significantly influence the future of water quality compliance. The company’s continued investment in technology development and strategic partnerships highlights its commitment to addressing the critical issues of lead and contaminants in public water systems, positioning it for long-term relevance and impact in the environmental and public health sectors.