Toronto-based Parity, which builds software that uses AI to eliminate energy waste in multi-residential buildings, has received $1.25 million in venture debt from Silicon Valley Bank. Parity plans to use the funding to accelerate its planned expansion into the US market.
“Parity’s approach…helps make buildings smarter and our urban environment more sustainable.”
The company’s platform controls existing HVAC equipment in multi-residential buildings, promising 20 to 30 per cent in energy savings. The company said that its capital-light, non-intrusive model is more cost-effective than traditional energy retrofits, which typically require substantial investments in equipment and can be disruptive to occupants.
“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,” said Brad Pilgrim, CEO of Parity.
Parity expects to start installing its energy management platform into multi-residential buildings in the northeastern US by the first quarter in 2020.
“Silicon Valley Bank is committed to supporting innovative businesses that are shaping the future,” said Win Bear, Silicon Valley Bank’s head of business development. “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.”
Parity has made several high-profile staffing moves over the summer. After closing a $5 million Series A in May with ArcTern Ventures, the company hired Ron Seftel, formerly of Bullfrog Power, as its chief financial officer; Mike Mulqueen, formerly of Toronto Hydro, as its vice president of business development; and Paul Goddard, a 20-year industry veteran at companies like Enbridge, Direct Energy, and Enercare, as its Parity’s senior vice president of field operations. Former Enercare CEO John Macdonald also joined the company’s board of directors.