News
Parity closes $8M from strategic investors

TORONTO — On Oct. 11, Parity Inc., a proptech solution optimizing HVAC operations in mid-rise and high-rise apartment buildings and hotels, announces the closing of $8M CAD in financing, strengthening its position 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 trying to 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.”

The company says that buildings with their technology 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.”