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.