Daikin Applied purchases minority stake in Riptide IO
Daikin Applied Americas has acquired a minority ownership stake in Riptide IO, a California-based software company that focuses on helping building owners automate building equipment by bringing 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™, a 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.