Health insurer invests in 120Water
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Ohio-based managed care nonprofit CareSource, which has a major presence in Indiana, has made a $1 million investment in Zionsville-based 120Water. The Indiana company developed software that helps utilities and water agencies remain compliant with public health regulations, such as lead reduction.
CareSource says its investment is part of a $3 million round that included Elevate Ventures, Allos Ventures and other existing investors.
“Since January, the number of water systems we’re partnering with to inventory lead pipes has grown by more than 70%,” said 120Water co-founder and Chief Executive Officer 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.”
In March, Glover told Inside INdiana Business the company had seen a 500% customer increase in 2021. Glover says the growth is due to the looming deadlines for compliance with the new Lead and Copper Rule Revisions from the U.S. Environmental Protection Agency.
The LCRR requires water systems to produce a location-based inventory of all service line materials by October 2024.
CareSource administers one of the largest Medicaid managed care plans in the U.S. The company says the investment was made through its Diversity & Social Impact Fund.
“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.”