Start up company Mavespace has successfully raised more than £250,000 to help develop and market its new Pipe Guard plumbing product.
It is an automatic mains shut-off valve, designed to reduce the devastation that water damage can cause to properties - currently costing UK insurers more than £300 million each year.
Inventor and managing director of Mavespace, Luke Brown, had the original idea after working as a loss adjuster for an insurance company.
All components of the product, bar one, are manufactured in the UK by Midlands-based engineering companies.
Mr Brown said: "We have recruited around half a dozen companies from the Midlands to make the pipe guard and have plans to make tens of thousands of the units this year.
"We decided to have them built locally because there seemed to be a better skill base around the Midlands.
"Lots of companies know exactly what they are talking about and have been able to help us tweak the product.
"They are also close to our base in Coventry, so it is very convenient."
Mr Brown said the company, which employs five people, had received a good response for the product from plumbers and the general public.
He said: "There has also been lot of interest from social housing organisations and new housing developers.
"We are very pleased and have been very busy."
The pipeguard is a fully automatic water shut off valve, which is fitted after the internal stop cock in a house.
If it detects an abnormal flow it automatically shuts off the water system.
Mr Brown said: "I worked in insurance for last 13 years and I had been going out to properties and seeing the damage leaks can cause.
"It takes on average two to three months to dry out a water leak, and then you have to start the repairs. That made me realise this product was needed.
"This device is battery operated which means it can be fitted by a plumber, who has no need to fit a power point."
Having undertaken an investment readiness programme run by Connect Midlands, Mavespace attracted several offers of private equity by attending an Investment ..TEXT: Fair, held in London last year by the business angel network, Beer & Partners.
Tim Ashbolt, one of the investors, who provided £110,000 of private equity, has subsequently become chairman of Mavespace.
Mr Brown said: "Half a million properties a year are affected by water leaks, so there are great opportunities out there."