The start-up company Miitors has developed a new technology that measures water consumption more accurately than traditional water meters. This makes good business sense, according to investors who now inject capital into the company.

Since Miitors was established in 2010, their new ultrasound meter has undergone a rapid development, and the results show that the new technology meets an increasing demand in the market for smart water meters.

“Our ultrasound meter is the world’s smallest – both in size and power consumption. Furthermore, its flexible design allows for numerous variations with a small investment. This makes our technology attractive to meter manufacturers who, with our help, can manufacture water meters without movable parts. They are more efficient, more sensitive and can be read remotely”, explains Jens Drachmann, founder of Miitors.

Backed up by patents and capital
Today, Miitors has issued one patent and filed seven patent applications for the technology, covering radio protocols, ultrasound, mechanics, software and electronics.

“Miitors is a business undergoing rapid expansion, and they have a high knowledge level. Their test results show that the technology works, and we can see that the market demands their solution, which offers greater efficiency and sustainability. It is therefore a good investment for us to enter the company now”, explains Chairman of the Board of Insero Horsens, Ulrik Kragh. The investment fund invests in start-ups with the objective of creating sustainable growth and development in the region of Horsens, Vejle and Juelsminde. Apart from Insero, the innovation park NOVI has also injected capital into the company.

“When we first invested in Miitors in 2010, the technology was at an early stage. Now it has proved its worth, and as an innovation park we are pleased to see that the company has been able to build up something that attracts a financially strong investor, and that they are able to present a fully fledged prototype soon”, explains Portfolio Manager of NOVI, Thor Jespersen.

Next step

With the new capital, Miitors can take their business to the next level.

“We will now complete the prototype. Then we will adapt it for our customers so that they all get exactly the solution they are after. To strengthen our business and get closer to our collaborative partners, we will move our office to Horsens. Here we will be part of the innovative environment built up by Insero and others, with students, start-ups and networks side by side. This melting pot will give us some fantastic opportunities”, says Jens Drachmann.

Facts about the investment:

• Miitors ApS was founded in January 2010 by Jens Drachmann. In December 2010, the company received a capital injection of approx. 2.8 million DKK from NOVI Innovation and business angels.

• Recently, an agreement was signed for an investment of 9 million DKK. Insero contributes 6.2 million DKK and the rest will come from the founder and current investors (NOVI Innovation, The Danish Agency for Science, Technology and Innovation, Vallenus and Longbus Holding).

• Miitors will move to Horsens to become part of the city’s innovation environment.