Daikin takes stake in web technology firm

USA: Daikin Applied Americas has acquired a minority stake in Riptide IO, a California-based software company dealing in smart buildings.

Terms of the deal have not been disclosed, but Riptide IO has been a strategic partner to Daikin Applied in the development of Daikin Intelligent Equipment, which it claims is the industry’s first, true cloud-based technology platform for HVAC equipment that harnesses the IoT.

According to a press statement, the current Riptide IO management will continue to drive the company’s strategy and day-to-day operations with Daikin Applied president and CEO, Michael Schwartz joining the 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.”

Riptide IO works with a number of marketing-leading organisations, 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, Riptide’s CEO and co-founder. “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.”