Parity

Parity Inc. is a Toronto-based proptech company that provides a software platform to optimize heating, ventilation, and air conditioning (HVAC) operations in multi-tenant buildings like apartment complexes and hotels. Established in 2016, the company's Energy Management Platform utilizes artificial intelligence and machine learning to autonomously monitor and control HVAC equipment performance in real-time, minimizing energy waste. Parity's solution can be seamlessly integrated into a property's existing operating system without any intrusive installations.

Through its proprietary algorithms, the platform predicts future energy needs and optimizes usage accordingly, reducing energy consumption by 25 to 40%. Parity's technology has enabled buildings under its management to decrease annual carbon emissions by 30 to 50%, supporting the reduction of over 18,361 tons of CO2 emissions to date. The company guarantees cost savings for property owners, offering to compensate for any shortfall from projected figures.

Parity initially focused on the Canadian multi-family market, growing to serve 150 assets nationwide before expanding to the US in 2020. As of June 2024, the company's services are available in Toronto, New York, Boston, Philadelphia, and Washington, with plans to roll out in California, Florida, Colorado, and Illinois following a USD 26.1 million CAD Series B fundraise.