Parity provides a remote HVAC micromanagement software that optimizes energy usage in multifamily residential buildings and hotels, ensuring guaranteed utility cost savings without any upfront investment. By automating real-time adjustments to HVAC systems, Parity enhances operational efficiency while reducing energy consumption and CO2 emissions.
Funding
$33.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
ICFounders
Product
Problem
Multifamily residential buildings and hotels often struggle with inefficient HVAC systems, leading to high utility costs, increased CO2 emissions, and the need for constant manual adjustments by building staff. Existing building management systems (BMS) provide monitoring and analytics but lack the automated control needed to optimize HVAC performance in real-time. Furthermore, many buildings face challenges in complying with increasingly stringent building performance standards.
Solution
Parity offers a remote HVAC micromanagement service that automatically controls and optimizes HVAC systems in real-time, guaranteeing utility cost savings without requiring any upfront capital investment. The Optimizer service uses advanced software to remotely adjust equipment performance parameters, such as set points and speed, maximizing energy efficiency and improving building operations without affecting occupant comfort. By automating demand response and continuously optimizing HVAC performance, Parity helps buildings reduce energy consumption, lower CO2 emissions, comply with building performance standards, and maximize demand response revenue. The service reduces the burden on building staff by taking over the daily management of HVAC performance and minimizing service calls.
Target Audience
Parity's primary customers are owners and operators of multifamily residential buildings (condos, co-ops, and rentals) and hotels across North America.
Features
- Remote, real-time control and optimization of HVAC systems
- Guaranteed utility cost savings with a zero upfront investment option
- Automated demand response to maximize revenue during demand response events
- Continuous adjustments to equipment performance parameters (set points, speed, etc.)
- Compliance with building performance standards without equipment replacement
- Quantifiable reduction in CO2 emissions for sustainability reporting
- Reduced burden on building staff through automated HVAC management