Bringing Parity To Carbon Emissions One Building at a Time
As employees start to filter back into their mid-rise and high-rise offices in a post-pandemic world, Parity, a Toronto-based proptech, aims to ensure that they come back to an office space that is environmentally conscious. Having just raised $8 million CAD with the help of Wyse Meter Solutions and RET Ventures, Parity aims to use the new capital to expand past the 150 buildings they already have contracts with in the GTA and in New York City. This financing raise brings Parity’s total funding since its inception in 2016 to $14.25 million.
Parity uses autonomous decision making, cloud-based computing and deep learning to enable a building’s HVAC system to run as efficiently as possible. According to Parity, buildings outfitted with their platform consistently reduce their yearly carbon emission by 30-50% and to date, have reduced more than 5,550 metric tons of CO2 emissions. Akin to smart-home setups, Parity also offers monthly reports and remote monitoring services for their users.
New climate-focused legislation in New York City is also poised to help Parity make a deeper impact. With nearly 2,700 buildings in New York City on the brink of running afoul of the city’s mandate to limit emissions by running efficient HVAC systems, Parity’s focus on mid-rise and high-rise emission offenders gives it an edge over its competitors.
But competition does not faze Parity nor its co-founder Brad Pilgrim. Instead, Parity “look[s] at other direct and indirect competitors as educators.” With climate change at the forefront of discussions regarding the future, being closer to carbon neutral is a great first step. And it is a first step Parity aims to take in tandem with its competitors, because as they see it, “the more people who are talking about it in the industry and showing that this tech works, the better it is for everyone”.
Author: Nisheet Karthikeyan, 2022/2023 Articling Student-at-Law
Expertise
Insights
-
Technology
Forward Health Takes Another Step in the Health Tech Industry
CEO and co-founder of Forward Health (Forward), Adrian Aoun, has launched an AI-powered, self-contained, standalone medical station called CarePod. Forward’s latest stride builds on its previous… -
Technology
California Passes Law Compelling VC Companies to Report on Founder Diversity Demographics
As of March 1, 2025, venture capital (“VC”) funds with business dealings in California will be required to report annually on the diversity of the founding members of the businesses they back. These… -
Tax
CRA Suggests Depositing Cryptocurrency with Trading Platform Could Trigger Tax
On November 2, 2023, the Canada Revenue Agency (CRA) answered a series of questions as part of the Association de planification fiscal et financière’s annual conference in Quebec City that may have… -
Technology
Canadian Cleantech is Growing
In October 2023, Export Development Canada (EDC) published its annual report on Canadian clean technology (“cleantech”). The report highlights two major industry trends: (1) a dramatic increase in… -
Technology
Proptech Startup Promise Robotics Completes $20.8M Series A Financing
Promise Robotics, a Toronto-based AI company developing a cloud-based industrial production platform for robotic construction and assembly, has raised $20.8 million CAD in Series A financing as it… -
Technology
U of T's Faculty of Pharmacy Launches a new 'self-driving' laboratory
The University of Toronto’s Leslie Dan Faculty of Pharmacy is building a new autonomous lab which uses artificial intelligence (“AI”), automation, and advanced computing for the autonomous discovery…