Daikin Applied Acquires Stake in Cloud-Based Building Automation Company
Moving beyond HVAC to a total building offering
MINNEAPOLIS — Daikin Applied Americas announced it is acquiring a minority ownership stake in Riptide IO, a Santa Barbara, California-based software company that focuses on helping building owners connect, manage, and automate building equipment by bringing the benefit of the Internet of Things (IoT) to commercial buildings. Terms of the deal are not being disclosed.
Riptide IO has been a strategic partner to Daikin Applied in the development of Daikin Intelligent Equipment™, a cloud-based technology platform for HVAC equipment that harnesses the IoT. The current Riptide IO leadership team will continue to drive the company’s strategy and day-to-day operations. Daikin Applied President and CEO, Michael Schwartz, will join the Riptide IO board of directors.
“We are forging the path to transform the HVAC industry, driving beyond next level efficiency and innovating for total building solutions,” said Schwartz. “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.”
Daikin Applied said this move affirms its investment in intelligent equipment and the market’s response to the platform. “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. We’re confident this is the team to create a unique building experience with advanced technology,” Schwartz said.
Riptide IO brings experience that includes working with marketing-leading, customer-focused organizations that prioritize sustainability and energy efficiency, including several Fortune 100 companies. The Riptide IO team has a track record of bringing cloud-based automation to small buildings that translates to lower complexity and focuses on making it easy for customers to create smarter buildings and a better run business.
“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,” said Mike Franco, CEO and co-founder, Riptide IO. “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.”
For more information about Riptide IO, visit http://riptideio.com.
For more information about Daikin Applied, visit www.daikinapplied.com.
Publication date: 11/23/2015