Investment supports ongoing expansion of Canadian proptech company's energy management platform across North America
TORONTO, Sept. 10, 2019 /CNW/ - Parity Inc. (Parity), a Canadian proptech company using artificial intelligence (AI) to eliminate energy waste in multi-residential buildings, is pleased to announce the company has received $1.25 million in venture debt from Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors. The investment will help accelerate Parity's planned expansion into the US market.
"Silicon Valley Bank is known across North America for successfully helping innovative companies identify and seize opportunity," said Brad Pilgrim, CEO, Parity. "We are excited to work with their team of experts. Their support adds additional fuel to our building momentum, and we look forward to leveraging their investment and confidence as we look to grow across North America."
Parity's energy management platform controls existing HVAC equipment in multi-residential buildings with AI to guarantee 20-30 per cent energy savings. The company's capital-light, non-intrusive model stands in contrast to more traditional energy retrofits, which typically require substantive investments in equipment and can be disruptive to occupants.
"Silicon Valley Bank is committed to supporting innovative businesses that are shaping the future," says Win Bear, Head of Business Development in Canada, Silicon Valley Bank. "Parity's approach to innovative energy management in buildings helps make buildings smarter and our urban environment more sustainable. SVB is pleased to support Parity as they disrupt the status quo and turn their vision into growth."
SVB's investment supports Parity's strategic plan for expansion. The company expects to start installing its newly optimized energy management platform into multi-residential buildings in the North Eastern United states by the first quarter in 2020.
"We are confident that as we continue to introduce Parity to buildings and customers both here at home and across North America, they will be quick to appreciate how our smart solutions can not only help them improve their own energy efficiency, but will also help an entire industry reimagine how we think about energy use," says Pilgrim.
Parity also recently closed a Series A investment with ArcTern Ventures, a leading North American cleantech venture fund.
About Parity Inc.
Established in 2016, Parity Inc. helps make urban living more sustainable by eliminating energy waste in multi-residential buildings. The company's artificial intelligence (AI)-driven Energy Management Platform offers guaranteed energy savings while maintaining maximum comfort for building residents. Trusted by a growing number of property managers, condo boards and mechanical partners, Parity's realtime dashboard and monthly reporting keep stakeholders always in the loop and in full control.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
SOURCE Parity Inc.
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