Parity

Parity is an energy technology company providing an HVAC optimization service for multifamily buildings and hotels that reduces energy consumption and utility costs in real time. The company’s Optimizer service goes beyond monitoring and analytics by automatically controlling and optimizing HVAC systems through remote adjustments to equipment performance parameters such as set points and fan speeds, maximizing energy efficiency without affecting occupant comfort. Parity guarantees utility cost savings or issues a refund, with average yearly guaranteed savings of $81,940 per building and typical payback periods of 8-10 months. The service helps buildings comply with building performance standards including New York’s Local Law 97 (LL97), Boston’s BERDO, and Washington D.C.’s BEPS, reducing fines without requiring equipment replacement. Parity also automates demand response curtailment to maximize revenue during grid events and reduces CO2 emissions for sustainability reporting. The platform manages over 100 million square feet of real estate and serves condos and co-ops, rentals, and hotels. Case studies include Avalon Clinton South ($145,245 year 1 savings), 252 East 57th Street ($165,917 year 1 savings), and 201 East 79th Street ($104,003 year 1 savings). Founded in 2018 and headquartered in Toronto, Canada, with a U.S. office in New York, the company has raised approximately $35.7 million in Series B funding. Investors include RET Ventures, ArcTern Ventures, Idealist Capital, SVB, Wyse, and the New York State.