$3M Investment into Digital Water Solution Firm 

$3M Investment into Digital Water Solution Firm 

CareSource, a national managed care organization, announced a $1 million investment in Zionsville-based 120Water, a digital water solution that helps utilities and state and local agencies manage critical water programs that protect public health. CareSource’s investment, which is part of a $3 million round that included participation from Elevate Ventures, Allos Ventures, and other existing investors, was made through the CareSource Diversity & Social Impact Fund.

Recently named one of the fastest-growing private companies in America by Inc. 5000, 120Water is recognized as a leader in helping partners achieve Lead and Copper Rule (LCR) compliance. Over 400 customers across 38 states already use 120Water’s Digital Water Platform.

“CareSource recognizes the significant health consequences of lead contamination in the communities we serve,” said Steve Smitherman, CareSource Indiana market president. “We applaud 120Water’s innovative solutions for reducing these risks and are proud to support their work.”

A 2021 survey by the National Resources Defense Council (NRDC) found Indiana, along with Illinois and Ohio, to have some of the most lead service lines in the nation. The Environmental Protection Agency (EPA) says there are between six million and 10 million lead service lines in the country.

“Since January, the number of water systems we’re partnering with to inventory lead pipes has grown by more than 70 percent,” said 120Water co-founder and CEO Megan Glover. “This investment will be used to continue to hire water quality professionals to meet the needs of our customers. It will also be used to invest in R&D and expand the functionality of our software platform, further supporting the water quality needs of utilities we serve.”

“The collaboration between CareSource and 120Water is a perfect pairing to deliver public health benefits to those communities most in need of modern water quality solutions, including communities in and around Indiana,” said Phil Lodato, general counsel and chief compliance officer at Elevate Ventures. “Elevate is pleased to have helped make this high-impact connection, as well as to make a promising capital investment into an exciting, fast-growing Indiana technology company.”

Category Business Buzz