Parity closes $8M from strategic investors to expand North American reach of SaaS HVAC efficiency technology
Investments bring together Wyse Meter Solutions Inc. (Wyse) and RET Ventures, leaders in energy efficient metering and property technology solutions
TORONTO, Oct. 11, 2022 /CNW/ - Today, Parity Inc., the leading proptech solution optimizing HVAC operations in mid-rise and high-rise apartment buildings and hotels, is pleased to announce the closing of $8M CAD in financing, strengthening its position as a leader in heating, ventilation, and air conditioning (HVAC) optimization for multi-tenant buildings.
With the financial support of Wyse, RET Ventures and other investors, Parity is well-positioned to significantly scale its Canadian operations and expand the reach of its SaaS HVAC control technology throughout the United States. Parity's new investors join existing shareholders including ArcTern Ventures.
"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, 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."
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 that can be integrated into any property's existing operating system. Once connected, Parity optimizes HVAC equipment performance and minimizes energy waste, decreasing capital investment costs and offering building management teams opportunities to take tangible steps towards their ESG goals and targets.
"Wyse is continually searching for ways to provide our clients with access to high-quality green technology to meet and exceed their sustainability agendas – and this investment is a direct reflection of that commitment," said Peter Mills, CEO, Wyse Meter Solutions. "We are excited about a future that brings together sustainability leaders to help customers across the country reduce utility consumption, save money, and lead greener lives."
The Parity platform was founded in 2016, initially targeting developments in the Canadian multifamily market. After growing to 150 assets nationwide in Canada, Parity entered the U.S. market in 2020 launching with 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.
"As the broader business community starts to wrestle with climate risk, the built environment has clearly emerged as low-hanging fruit", says Tom Rand, Co-Founder of ArcTern Ventures. "There aren't a lot of areas where carbon reduction is so obviously profitable. By automating the engineering that unlocks those savings, Parity further accelerates the sector's early lead in carbon reduction."
Relying on the effectiveness of its technology and the efficiency of its service model, Parity is able to guarantee cost savings. If the projected cost savings are not achieved, Parity will make up the difference for property owners.
"Multifamily operators are increasingly considering and proactively managing the environmental footprint of their assets," said Christopher Yip, Partner at RET Ventures. "Parity's platform supports these initiatives by utilizing a software control system that can make remote decisions on behalf of a building, optimizing the largest single load — the central HVAC system. This not only leads to a significant reduction in energy waste, but also a meaningful return on investment for the customer. With property owners across the country clamoring for a solution like Parity's, we are excited to help accelerate the company's continued growth in the U.S. market."
Established in 2016, Parity Inc. 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.
Trusted by asset managers, property managers, condo boards and mechanical partners, Parity's real-time diagnostics and monthly reporting keep stakeholders always in the loop with full transparency.
Based in Concord, Ontario, Wyse is a leading expert in utility information, providing innovative submetering and sustainability solutions for the multi-residential, condominium and commercial markets in Canada. Wyse's range of high-quality services enables building owners, developers and managers to take charge of their utility expense by delivering environmentally sustainable and equitable suite submetering. Wyse is unique in its ability to provide energy consumption transparency and accountability to its customers. The company has achieved exceptional growth with many of Canada's largest real estate companies. Wyse is backed by Onex through ONCAP, its mid-market investment fund. Onex is a publicly traded company that invests and manages $46 billion in capital with global operations.
For more information, please visit www.wysemeter.com.
A leading real estate technology investment firm, RET Ventures is the first industry-backed, early-stage venture fund strategically focused on building cutting-edge "rent tech" — technology for multifamily and single-family rental real estate. RET invests out of core venture funds and a Housing Impact Fund, backing companies that address a range of pain points for real estate operators.
Through its deep expertise and connections, RET provides solutions to issues ranging from housing affordability and sustainability to risk management and operational efficiency.
The firm's Strategic Investors include some of the largest REITs and private real estate owner-operators and managers, who control approximately 2.4 million rental units worth $600 billion.
For more information, please visit www.ret.vc
SOURCE Parity Inc.
Marlo Taylor, Gage Communications, [email protected]
Share this article