Investment supports ongoing expansion of Canadian proptech company’s energy management platform across North America
We are pleased to announce the company has received $1.25 million in venture debt from Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors. The investment will help accelerate our planned expansion into the US market.
“Silicon Valley Bank is known across North America for successfully helping innovative companies identify and seize opportunity,” said Brad Pilgrim, CEO, Parity. “We are excited to work with their team of experts. Their support adds additional fuel to our building momentum, and we look forward to leveraging their investment and confidence as we look to grow across North America.”
Parity’s energy management platform controls existing HVAC equipment in multi-residential buildings with AI to guarantee 20-30 per cent energy savings. The company’s capital-light, non-intrusive model stands in contrast to more traditional energy retrofits, which typically require substantive investments in equipment and can be disruptive to occupants.
“Silicon Valley Bank is committed to supporting innovative businesses that are shaping the future,” says Win Bear, Head of Business Development in Canada, Silicon Valley Bank. “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.”
SVB’s investment supports Parity’s strategic plan for expansion. The company expects to start installing its newly optimized energy management platform into multi-residential buildings in the North Eastern United states by the first quarter in 2020.
“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,” says Pilgrim.