Parity Inc., the proptech solution optimizing HVAC operations in mid-rise and high-rise apartment buildings and hotels, has closed $8 million CAD in financing.
With the financial support of Wyse, RET Ventures and other investors, Parity plans 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,” said Parity CEO Brad Pilgrim. “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.
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% and have supported the reduction of more than 5,500 metric tons of CO2 emissions to date.
