Daikin Applied Buys Stake in Cloud-Based Building-Automation Company

Daikin Applied Americas recently announced it is acquiring a minority ownership stake in Riptide IO, a California-based software company focused on helping commercial-building owners connect, manage, and automate building equipment. 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, a cloud-based technology platform for HVAC equipment that harnesses the Internet of Things (IoT).

The current Riptide IO leadership team will continue to drive the company’s strategy and day-to-day operations. Daikin Applied President and Chief Executive Officer Michael Schwartz will join the Riptide IO board of directors.

“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,” Schwartz said. “We’re confident this is the team to create a unique building experience with advanced technology.”