HVAC construction company Daikin Applied Americas has purchased a minority stake in a California software company that helps commercial building owners connect to the “Internet of things.”
Terms were not disclosed.
Riptide IO has worked with Daikin developing Daikin Intelligent Equipment, a cloud-based platform HVAC market Internet platform. Riptide’s current executives will continue to lead the company, and Daikin President and Chief Executive Officer Michael Schwartz is joining the Riptide board.
“We are forging the path to transform the HVAC industry, driving beyond next level efficiency and innovating for total building solutions,” Schwartz said. “This move is a terrific pivot point for us and for the industry as we continue to explore how to help building owners get to new levels of efficiency when they unlock the power of IoT (Internet of things).
“We are working with the Riptide IO team on strategies that will further leverage the technology and software in meaningful ways to drive growth in mid-market building automation,” he added. “We’re confident this is the team to create a unique building experience with advanced technology.”
Mike Franco, Riptide’s co-founder and CEO, said he was looking forward to working more closely with Daikin on its HVAC sales initiatives.
“We’re thrilled to deepen our relationship with Daikin Applied because we’ve seen a clear commitment on their part to look at the market differently than other HVAC companies,” Franco said. “As we’ve partnered over the last two years, we believe, as does Daikin Applied, that there is significant potential in moving beyond the HVAC arena to the total building offering. We’re excited to be aligned as we see them as an important, long-term partner in accelerating how IoT will transform the commercial building experience.”