Heating, ventilation, and air conditioning (HVAC) system manufacturer Daikin Applied Americas will become more involved with the IoT sector after purchasing a minority ownership of cloud-based commercial building automation company Riptide IO for an undisclosed amount.
The transition should be smooth, as Daikin Applied entered the purchase having previously partnered with the California-based Riptide IO. Riptide IO helped to create Daikin Intelligent Equipment, a completely cloud-based technology platform developed for HVAC equipment. Riptide will continue to be led by the same personnel. Daikin Applied President and CEO Michael Schwartz will be placed on Riptide IO’s 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 in a press release announcing the deal. “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 believes that its investment in Riptide IO further conveys its effort to make commercial properties more technologically advanced.
“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 added.
“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.
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Filed Under: M2M (machine to machine)