Parity delivers HVAC optimization as a service for multifamily residential and hospitality properties using control automation algorithms, real-time monitoring, proactive technical support, and savings verification. Led by founder and CEO Brad Pilgrim, the company guarantees automatic energy and cost savings while reducing onsite staff workloads. Its platform eliminates energy waste, optimizes demand response revenue, and operates heating, cooling, and ventilation systems efficiently every day. Parity has delivered measured energy savings across more than 65 million square feet of multifamily and hospitality real estate. The company raised $19M in a Series B and plans to use the funds to expand geographically across the United States, pursue new verticals including senior and student housing, and continue rolling out products and services to drive automated building efficiency and grid interactivity. Parity provides an algorithm-driven Energy Management Platform that autonomously optimizes HVAC equipment performance, guarantees energy savings, and maintains resident comfort. The platform is capital-light and non-intrusive, designed to integrate with a property’s existing operating system. Parity’s technology reduces capital investment needs for building owners and helps management teams make progress on ESG targets. Founded in 2016 and led by CEO Brad Pilgrim, the company initially focused on the Canadian multifamily market and grew to 150 assets nationwide. Parity entered the U.S. market in 2020, launching with over two dozen New York apartment buildings. The company plans to scale its Canadian operations and expand the reach of its SaaS HVAC control technology throughout the United States. Parity offers cloud-based, building-agnostic software that connects to any operating system or hardware and uses AI/deep learning to monitor and optimize HVAC, hot/cold water, piping, and air systems. The platform acts like a "smart thermostat" for entire building HVAC systems, ingesting previously unavailable data, running machine-learning algorithms, and writing setpoints back to the building control logic. Its capabilities include predictive weather control and algorithms that deliver 25–35% savings on heating and cooling and roughly 30–40% in overall energy savings, producing average annual cost savings of $50,000–$120,000 per building. Parity was founded in 2015 and initially bootstrapped, recording about $1M in sales its first year and just under $3M in bookings and sales in its second year. The company currently has around 15 employees and plans to expand its US presence—targeting New York, Boston, Chicago, Philadelphia and other Northeastern urban markets—while growing the team to more than 35 in the coming year. Additional funds will be used to scale sales and marketing, increase the operating and development team, and open offices in New York, Chicago, and Boston.

Total raised

$29M

Funding rounds

3

Latest round

Series B

Latest activity

Jun 2024