November 2, 2022
As employees start to filter back into their mid-rise and high-rise offices in a post-pandemic world, Parity, a Toronto-based proptech, aims to ensure that they come back to an office space that is environmentally conscious. Having just raised $8 million CAD with the help of Wyse Meter Solutions and RET Ventures, Parity aims to use the new capital to expand past the 150 buildings they already have contracts with in the GTA and in New York City. This financing raise brings Parity’s total funding since its inception in 2016 to $14.25 million.
Parity uses autonomous decision making, cloud-based computing and deep learning to enable a building’s HVAC system to run as efficiently as possible. According to Parity, buildings outfitted with their platform consistently reduce their yearly carbon emission by 30-50% and to date, have reduced more than 5,550 metric tons of CO2 emissions. Akin to smart-home setups, Parity also offers monthly reports and remote monitoring services for their users.
New climate-focused legislation in New York City is also poised to help Parity make a deeper impact. With nearly 2,700 buildings in New York City on the brink of running afoul of the city’s mandate to limit emissions by running efficient HVAC systems, Parity’s focus on mid-rise and high-rise emission offenders gives it an edge over its competitors.
But competition does not faze Parity nor its co-founder Brad Pilgrim. Instead, Parity “look[s] at other direct and indirect competitors as educators.” With climate change at the forefront of discussions regarding the future, being closer to carbon neutral is a great first step. And it is a first step Parity aims to take in tandem with its competitors, because as they see it, “the more people who are talking about it in the industry and showing that this tech works, the better it is for everyone”.
Author: Nish Karthikeyan