MINNEAPOLIS, Nov. 20, 2015 /PRNewswire/ -- Daikin Applied Americas announced today it is acquiring a minority ownership stake in Riptide IO, a California-based software company that focuses on helping building owners connect, manage and automate building equipment by bringing the full 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™, the industry's first, true 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."
This move affirms Daikin Applied's investment in Intelligent Equipment and the market's response to the platform. Daikin's technology is helping building owners acquire and leverage useful and actionable analytics to deliver comfort to visitors and occupants with the most cost-effective and sustainable use of energy. "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.
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."
About Riptide IO
Founded in late 2012, Riptide IO is focused on making it easy to create smarter buildings and a better run business. Its mission is to give visibility and control over brick & mortar operations without being onsite. Easy, affordable, and most importantly, works with the equipment building owners already have. Riptide IO is based in Santa Barbara, CA, with development offices in Bangalore, India.
About Daikin Applied
Daikin Applied, a member of Daikin Industries, Ltd, designs and manufactures technologically advanced commercial HVAC systems for customers around the world. Customers turn to Daikin with confidence that they will experience outstanding performance, reliability and energy efficiency. Daikin Applied equipment, solutions and services are sold through a global network of dedicated sales, service, and parts offices. For more information or the name of your local Daikin Applied representative, call 800-432-1342, or visit www.DaikinApplied.com.
Daikin Industries, Ltd. is the world's leading manufacturer of air conditioners and refrigerants. The company, leveraging its advanced core technologies for refrigerant control, inverters and heat pumps, develops innovative, high-quality air-conditioning solutions for homes, offices and industrial facilities. Founded in Osaka, Japan in 1924, Daikin and its affiliates now operate in more than 70 production bases worldwide and employ a global workforce of 59,000. Daikin products are available in more than 140 countries. For more information please visit, www.daikin.com/
SOURCE Daikin Applied