Tern Water, the Drexel team that’s building a smart water faucet, announced Monday it received a seed investment in the six-figure range from Cross Capital, the venture arm of real estate developer Cross Properties. Cross Properties has developed Drexel student housing, among other things.
Though the specific figure of the investment was not disclosed, the company said the cash will allow it to start beta product development and launch early marketing campaigns.
As part of the deal, Cross Properties’ managing director Kevin Michals will join the company as board director and advisor for business development in the real estate market, space that Tern Water seems to be gunning for: the partnership also landed Tern bulk purchase orders of its upcoming product from Cross Properties. (That deal is separate from the investment, Tern said.)
Per a company statement, Tern will aim to roll out with apartment owners and operators at both a regional and national level.
The Tern Faucet is a modular attachment for kitchen faucets that purifies water but also provides users data on water consumption and filter longevity. For extra cool points, the faucet detects when the filter needs replacing and automatically orders the delivery of a new one.
News of the investment followed the company’s presence at CES 2017, which led CEO Mohamed Zerban, a Drexel senior, to make a call to get a Philly crew together for next year’s edition.
Based out of Drexel University’s Baiada Institute, Tern Water’s headcount is currently at 10, with a mix of full-timers and part-timers.
Hmm, could Tern be Drexel’s next entrepreneurial darling?
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