Parity, a Toronto, Canada-based proptech solution optimizing HVAC operations in mid-rise and high-rise apartment buildings and hotels, announced that it closed CAD 8 million in financing.
The investment was from Wyse and RET Ventures, with existing investors including ArcTern Ventures and other investors.
With this funding, Parity strengthened its position as a leader in multi-tenant buildings' heating, ventilation, and air conditioning (HVAC) optimization.
Parity will use the funds to scale its Canadian operations and expand the reach of its SaaS HVAC control technology throughout the United States.
"This significant partnership with, and investment by, Wyse and RET Ventures will position us strategically for continued growth in both Canada and the United States," says Brad Pilgrim, CEO of Parity. "The overlapping values of our three organizations and our collective partners (all focused on Environmental, Social, and Governance (ESG) leadership) speak to the tremendous opportunities and alignment ahead. We look forward to leveraging these partnerships and investments to help building managers and asset owners implement the necessary technology to minimize wasted energy in buildings and build a greener, more sustainable future."
After growing to 150 assets nationwide in Canada, Parity entered the U.S. market in 2020, launching over two dozen New York-based apartment buildings in partnership with key industry leaders.
Parity-enabled buildings consistently reduce their annual carbon emissions by 30 to 50 percent and have supported the reduction of more than 5,500 metric tons of CO2 emissions to date.
Company: Parity Inc
Raised: CAD 8.0M
Round: Strategic round
Funding Month: October 2022
Lead Investors: Wyse and RET Ventures
Additional Investors: ArcTern Ventures
Company Website: https://www.paritygo.com/
Software Category: HVAC Energy Management as a Service
About the Company: Established in 2016, Parity is an EMaaS provider specializing in multifamily buildings that helps make urban buildings sustainable by eliminating energy waste in multi-tenant buildings. The company's algorithm-driven energy management platform autonomously optimizes HVAC equipment performance and guarantees energy savings while maintaining maximum comfort for building residents. Parity's technology platform is designed to transform the operations and energy management of mid-rise and high-rise apartment buildings and hotels with a capital-light, non-intrusive model. Trusted by asset managers, property managers, condo boards, and mechanical partners, Parity's real-time diagnostics and monthly reporting keep stakeholders in the loop with full transparency.