Daikin Applied buy shares in Riptide IO
USA – Daikin Applied Americas have announced today that it had agreed to acquire a minority ownership stake in Riptide IO, a California-based software company that aims to help building owners connect, manage and automate building equipment by maximising the benefit of the Internet of Things (IoT) to commercial buildings. Neither company wished to disclose the terms of the deal at this time.
The two companies have previous experience of working together as Riptide IO has been a strategic partner with Daikin Applied in the development of Daikin Intelligent Equipment, a cloud-based technology platform for HVAC equipment that harnesses the IoT. The companies announced that the current Riptide IO leadership team would continue to drive the company’s strategy and day-to-day operations, while Michael Schwartz, the president and CEO at Daikin Applied is to join the Riptide IO board of directors.
Schwartz welcomed today’s announcement, saying “We are forging the path to transform the HVAC industry, driving beyond next level efficiency and innovating for total building solutions. 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.”
This move confirms Daikin Applied’s intent to continue to invest in Intelligent Equipment and shows how the market is responsive to the platform. Daikin claim that their technology is helping building owners acquire and leverage useful and actionable analytics which should help deliver comfort to visitors and occupants with cost-effective and sustainable use of energy.
Mr Schwartz outlined Daikin’s reasoning for acquiring the stake in Riptide IO, declaring “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.”
Riptide IO has had previous experience of working with market leaders, including several Fortune 100 companies, and customer-focused organizations which prioritize sustainability and energy efficiency. Equally, the Riptide IO team has a proven track record of bringing cloud-based automation to small buildings which results in lower complexity and focuses on making it easier for customers to create smarter buildings, which in turn leads to a better run business.
Mike Franco, the CEO and co-founder of Riptide IO, also commented on today’s news, saying “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.”
Mr Franco then cast an eye to the long term future of the project, adding “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.”