- USD $19m funding accelerates Parity's expansion across North America
- 1/3 of energy consumption in multifamily is currently wasted
- Parity delivers up to 30%+ in guaranteed utility cost savings
TORONTO, June 11, 2024 (GLOBE NEWSWIRE) -- Parity, the leading remote HVAC Optimization as a Service company for multifamily buildings and hotels, announced today the successful closing of its USD $19M Series B funding round by Idealist Capital.
The milestone comes as real estate continues to grapple with its significant contribution to carbon emissions, accounting for 40 percent of the total, with half stemming from inefficient HVAC systems. In multifamily buildings, nearly a third of energy consumption is wasted.
Trusted by many of North America’s largest real estate owners, operators, and investors, Parity limits energy waste and maximizes demand response performance by remotely operating existing heating, ventilation, and cooling systems in real-time. This approach takes the daily management of HVAC performance off the shoulders of building managers by autonomously optimizing control adjustments in real-time. By integrating with a building’s existing control infrastructure, Parity also minimizes the need for new hardware.
To date, Parity has delivered measured energy savings across more than 65 million square feet of multifamily and hospitality real estate. The latest funding round allows Parity to focus on geographic expansion across the United States, as well as targeting new verticals, including senior and student housing. Additionally, the company plans to continue rolling out new products and services to further drive automated building efficiency and grid interactivity.
The round was completed by Idealist Capital, joining existing investors ArcTern Ventures, Wyse Meter Solutions Inc., and RET Ventures.
"Real estate is at an inflection point. Operational inefficiencies cost owners and operators money with high utility bills and increased environmental regulations,” said Brad Pilgrim, Founder & CEO of Parity. “Utility rates continue to rise and so do demands for buildings to interact with the grid in new and more complex ways. HVAC systems consume over half of the energy used in multifamily buildings, making them a necessary component to solving these issues. This funding allows us to continue helping owners and operators improve operational efficiency, expand operations across the US, and increase our product functionality - benefiting environmental goals, as well as our customers' bottom lines.”
As grids decarbonize by turning to intermittent renewable energy resources such as wind and solar, buildings will be incentivized to develop the ability to more dynamically control when electricity is consumed. Parity’s vision is to utilize their HVAC optimization automation software to transform every building they work with into a grid-interactive efficient building (GEB), aligning perfectly with these changing grid dynamics and allowing their customers to capture the associated monetary benefits.
“Parity has developed and deployed a cost-effective solution for the real estate industry. An important element of decarbonizing the built environment is accounting for energy wasted,” said Pierre Larochelle, Co-Managing Partner at Idealist Capital. “No building will be net zero without a comprehensive system in place to stop excess energy waste. Idealist Capital is excited to partner with an innovative company pushing an outcome-based approach to sustainability.”
As utility bills rise, owners and operators can no longer afford to waste excess energy. With baseline data collection, real-time HVAC optimization, and automated International Performance Measurement and Verification Protocol (IPMVP), Parity guarantees utility cost savings. Parity is also a leading solution for buildings in markets with building performance standards in place. As various cities and states introduce these stringent decarbonization laws for buildings, Parity seeks to reduce GHG emissions by automating HVAC systems’ efficiency and driving emissions reductions on an ongoing basis.
Parity has been recognized for its innovative software and supporting service, receiving nominations such as Wood and Mac's Companies to Watch (2019) and being listed in the Globe and Mail's Top Growing Companies for three consecutive years (2020-2022). Parity was also named to the Global CleanTech 100 list (2021). Most recently, Parity was the first service provider to be awarded the designation of LEADER by the NYC Accelerator in 2023.
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