Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster speaks to Thomas Warner from Proactive after announcing a new pilot scheme with Southern Water to trial the use of LeakBot in reducing water leaks, with the aim of achieving similar water reduction results as the Portsmouth Water trial carried out earlier in the year.
Foster explains that Ondo was approached by Southern Water and have agreed to introduce the LeakBot device to around 1,000 homes as part of a pilot scheme, becoming the second water company to adopt Ondo's leak detection technology.
He says that with water scarcity becoming a concern in the south of England, Ondo's technology presents an opportunity to conserve water and prevent leaks, benefiting both insurance and water companies.
Foster also highlights Ondo's continued expansion into the United States, following a recent deal signed with PURE Insurance.
He also gives a summery of Ondo's recent financial results , highlighting reflected substantial growth in unit sales, registered customers, and revenue, showcasing its potential for further success in the market.