Parity Inc., a proptech startup optimizing HVAC operations in apartment buildings and hotels, today announced raising a $5.7 million ($8M CAD) funding round led by Wyse Meter Solutions and RET Ventures, according to a press release shared with FinLedger.
The company says that with the financial support from two leaders in energy efficient metering and property technology solutions, it is now well-positioned to “significantly scale” its Canadian operations and expand the reach of its HVAC control tech through the U.S.
Founded in 2016 with an initial focus scope on the Canadian multifamily market, Parity has since grown to serve over 150 assets worldwide. It also entered the U.S. market in 2020, launching over two dozen New York-based apartment buildings, and aims to continue its stateside expansion with this funding.
“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,” stated Brad Pilgrim, CEO of Parity, in the release.
Parity says through its SaaS tech platform, designed to transform operations and energy management of mid-rise and high-rise apartment buildings and hotels, owners can reduce building carbon emissions by 30 to 50 percent.
This includes optimizing HVAC equipment performance, decreasing capital investment costs and offering building management teams with tangible steps to further ESG goals and targets. It also says its model can be integrated into property’s existing operating system, and says it has supported the reduction of over 5,500 metric tons of CO2 emissions to date.
“Multifamily operators are increasingly considering and proactively managing the environmental footprint of their assets,” stated Christopher Yip, Partner at RET Ventures, in the release. “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.”
In other recent proptech news, Fifth Wall and EY collaborated to launch an interactive climate impact tool suite for businesses. A recent survey also found ESG assets account for more than half of all U.S. real estate investments.