Noveda, Rimat Explore Water Technology Development

Noveda Technologies and Israel-based Rimat Group have signed a memorandum of understanding to explore synergies in water technology development.

Both firms will evaluate opportunities to develop real-time water monitoring and water leak detection solutions, which will be used in commercial, industrial and residential markets worldwide.

Noveda Technologies president and CEO Govi Rao said the company’s real-time monitoring and advanced context development will be combined with Rimat’s water-leak detection and monitoring technologies for the advancement of real-time water leak detection and monitoring solutions.

“Studies have shown that nearly one-third of all business downtime can be attributed to water damage situations, and a real-time water leak detection solution can help avoid water-related damage in the billions of dollars,” Rao said.