Parity reports record sales growth of 280% in 2019 as North American demand increases for proven sustainability solutions
TORONTO, Jan. 14, 2020 /CNW/ - As a North American leader in artificial intelligence (AI) based, HVAC and building automation software for condos, 2019 was an impressive year for Parity Inc. The company had strong gains not only in its growing client roster, but also in terms of revenue, staffing and overall awareness of its innovative offering. Parity's projected growth for 2020 is equally impressive, based on a market keen to embrace climate-friendly, cost-saving energy management strategies.
"2019 has been a watershed year for Parity," stated Brad Pilgrim, CEO, Parity Inc. "In just twelve months we've more than tripled our client base in part due to the growing awareness of just how much energy is used – and wasted – in the process of heating and cooling buildings, but also through referrals from existing customers that love the technology, service and savings." Parity achieved a 440 per cent increase in its client base and a 280 per cent increase in gross revenue. The company's team also tripled in size in 2019.
Delivering Cost Savings
Founded in 2016, Parity uses its proprietary AI-based software to assess the energy usage in multi-family residential buildings and find efficiencies in the buildings' automation system, typically without the need for additional investment in new equipment. "Generally speaking, we've found that we can help our clients save between 20 to 30 per cent on gas and electricity costs; in 2019 alone we've saved a total of $800,000 for our customers," said Pilgrim.
Contributing to Climate Rescue
As cities and governments are increasingly anxious to identify viable climate rescue approaches, they are coming to grips with just how much energy is consumed by buildings (latest estimates suggest buildings account for approximately 40 per cent of total global energy usage). Companies like Parity are on the front lines in the race to find workable, easy-to-implement sustainable energy management solutions.
"It's been a phenomenal year," said Pilgrim. "And while we are tremendously proud of our team and the cost savings we have been able to deliver on behalf of clients, we are prouder that our efforts are contributing to greener, more sustainable urban spaces." To date, Parity has been able to help divert an estimated 4 million pounds of CO2 from escaping into the atmosphere.
Looking Ahead to 2020
"We've assembled a very experienced and passionate team that is ready to take Parity to the next level in the North American market," said Pilgrim.
In 2019, former Enercare CEO John Macdonald joined Parity as the company's Chair of the Board. Likewise, energy veterans including Ron Seftel (former CEO, CFO Bullfrog Power), Mike Mulqueen (former Lead, CDM Business Development, Toronto Hydro), Paul Goddard, (former Vice President Field Operations, Enercare), and Maxwell Payne (former Digital Strategy Lead for NRG Home Solar North America) all added sector bench strength and thought leadership to Parity's senior executive team.
"If 2019 was any indication, 2020 will be a breakout year. We've scaled up our team and product capabilities with more installation capacity than ever, and we're ready to meet the growing demand. Our team is aligned and focused, with an emphasis on scale and growth targeting new markets. Stay tuned -- we're super excited and there's more exciting news to come."
About Parity Inc.
Parity has developed an AI-influenced building HVAC control and analytics platform. The company leverages intelligent software to guarantee minimal energy waste by matching supply and demand of gas, electricity and water using real-time data and automation for dynamic control of mechanical HVAC equipment. Parity's Energy Management System automatically balances the supply of comfort produced by a building's mechanical system with the demand for comfort by residents.
Parity's cloud-based algorithms and process measurements also offer clients a diagnostic alerting service including client focused, simplified monthly reports providing data-backed return on investment energy savings metrics.
For further information: To speak with a representative of Parity or to learn more about Parity's Energy Management System, please contact: Maxwell Payne, [email protected], 416-707-9120; Marlo Taylor,[email protected], 647-233-7636