Parity

The core of Parity's business is a cloud-based software platform that uses artificial intelligence and machine learning to remotely control and optimize a building's existing heating, ventilation, and air conditioning (HVAC) equipment. This service operates 24/7, making real-time adjustments to equipment parameters like set points and motor speeds based on data analytics to match the building's energy supply with occupant demand for comfort. This process eliminates energy waste without requiring expensive hardware retrofits or disrupting tenants. The company serves building owners, property managers, real estate investment trusts (REITs), and operators of condos, co-ops, rentals, and hotels. Revenue is generated through this service, which is designed to be cash-flow positive from the start for clients, with Parity guaranteeing utility cost savings.

Parity's platform, which includes the Optimizer service and the Parity Insights (Pi) dashboard, provides clients with a tool for ongoing energy management. It helps them reduce operating costs by 20-40%, comply with building performance standards like New York's Local Law 97, and reduce their carbon footprint. The service also offers proactive monitoring, sending alerts to building staff about potential HVAC issues before they escalate, thereby improving operational efficiency. A key milestone for the company was securing a $19 million Series B funding round in June 2024, led by Idealist Capital, to facilitate expansion in the U.S. and into new verticals like student and senior housing. To date, Parity has managed energy savings for over 65 million square feet of real estate.