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Daikin: Company Acquires Minority State in Cloud-Based Building Automation Company
Minneapolis – Nov. 23, 2015 — Daikin Applied Americas announced that 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,” Schwartz said. “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.”