Daikin Applied buys minority stake in building automation company

Daikin Applied Americas said it is acquiring a minority ownership stake in Riptide IO, a California-based software company.

Terms of the deal were not disclosed.

Riptide IO has been a strategic partner to Daikin Applied in the development of Daikin Intelligent Equipmentâ„¢, 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.

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. It is based in Santa Barbara, CA, with development offices in Bangalore, India.

Daikin Applied, a member of Daikin Industries, Ltd, designs and manufactures technologically advanced commercial HVAC systems for customers around the world.

Daikin Industries, Ltd. is a manufacturer of air conditioners and refrigerants.