Ann: Sensera gains approval to disclose anchor customer Abiomed, page-15

IMO
1. There is no actual customer demand for the product. MEMS is a graveyard for technologies that sound groovy but no-one wants.
2. The numbers from the co suggest 110 litres of water wasted from a toilet leak, and 2,700 litres from faulty one. Those numbers seem absurdly high and you'd notice a leak from your first bill let alone from installing this device. Hardly an undetectable event as originally presented.
3. The business premise is that large customers will want to pre-pay the cost of wasted water (that is not proven)
4. There would been a long sales process to get such a product in the hands of hotels
5. There are a lot of risks for this to all fall into place and generate any revenue.

Plus the competiton, as you had mentioned.

IPO last year raised $10m. I can only imagine how much has gone into this speculative program. Much better to buy proven in-market IP like Nanotron.