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New funding for HVAC efficiency company

11th June 2024

Proptech firm Parity has raised $19m of new funding to expand its heating, ventilation, and air conditioning (HVAC) efficiency offering.

The Toronto-based firm, which provides ‘HVAC Optimisation as a Service' for multifamily buildings and hotels raised the Series B funding from Idealist Capital, Canadian venture capital company.

The capital will be used to extend Parity’s US operations and move into new sectors, including senior and student housing. Parity claims that, in multifamily buildings, nearly a third of energy consumption by HVAC systems is wasted.

Brad Pilgrim, founder & CEO of Parity said: “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.”

Parity limits energy waste by remotely operating existing heating, ventilation, and cooling systems in real time. The company says it has energy savings across more than 65 million square feet of multifamily and hospitality real estate. 

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