Ondo (Leakbot)

Ondo (formerly LeakBot) uses intelligent technology to detect water leaks in the home from just one smart alarm, without the need for professional installation.

The device clips onto the cold water pipe within a building, and is able to detect leaks or potential risks before they become big issues. When the device detects something wrong, it alerts the property owner via an app.

In February 2020, Leakbot announced it had partnered with Hiscox, enabling all its property insurance customers to receive a Leakbot for free. In the event of an alert, Hiscox will arrange for a maintenance worker to check on the pipe status of the property and make any repairs necessary.

In March 2022 Leakbot announced it was the first insurtech in the UK to IPO, following its acquisition by SPAC Spinnaker Acquisitions Plc, and rebranding to Ondo. Previously the company was a wholly-owned subsidiary of HomeServe. Ondo has raised $4.5M through fundraising at 0.15$ per share and has a market cap of $10.8M. The new funds will help Ondo to boost partner development.

In July 2022 Ondo partnered with Admiral to further scale in the UK, providing 20K of Admiral's customers with a free Leakbot.

In August 2022 Ondo announced it would partner with Portsmouth Water, supplying them with Leakbot, its IoT leak sensor. According to reports, Portsmouth Water will purchase 1,000 LeakBot devices and distribute them to customers. 

Later in November 2022 Hiscox has extended its contract with Ondo for its product Leakbot. 

Then in February 2023 Ondo announced Swedish insurance group Länsförsäkringar has started to roll out its LeakBot service following a successful pilot in the Södermanland region. The pilot found 40% penetration of the addressable policyholders and 50% increase in new home insurance sales. According to Ondo, the pilot was one of the most successful to date.

In April 2023 Ondo experienced an 82% increase in its share value after revealing it had inked a deal with WNS (Holdings) Limited, a $4bn US business improvement group. The new investment into the company will reportedly speed up the expansion of the company into the United States. Under the deal Ondo will provide technical expertise, while WNS will oversee claims.

Later in May 2023 it was announced the company along with Portsmouth Water were to reveal the results of the LeakBot pilot programme at the Water Industry Spring Innovation Knowledge Showcase during June 2023. 

In June 2023 Leakbot was chosen for a one-month pilot programme by G4S to test a marketing model for home security in Denmark. G4S said it would offer free Leakbots in collaboration with an insurance partner, said to be one of Denmark’s largest insurers, to encourage households to take up the offer of an in-home security visit. GS4 currently provides smart alarm systems to more than 70,000 Danish users. 

In July, Ondo announced a proof-of-concept pilot with IAG-owned Firemark Collective to help prevent water damage claims in New Zealand and Australia. Ondo is testing an all-weather version of Leakbot which works pipes and stop taps found outside of properties. 

Later in July 2023 Ondo and Sweden’s largest non-life insurer, Länsförsäkringar Trygghetstjänster ("LFTT") signed a new five-year contract to support LeakBot's rollout across the group. The contract will allow for LeakBot to be embedded within a wider Länsförsäkringar product offering, facilitating the continuing rollout to more regions across Sweden. Länsförsäkringar estimates the opportunity is worth over £30m of revenue. Ondo’s LeakBot is now already live in 4 of the 23 Länsförsäkringar regional businesses, with the other regions waiting for confirmation that this new 5-year agreement is in place before commencing further expansion.