Montreal-based Rithmik Solutions, a provider of analytics for mobile mining equipment, has secured $1.2 million in financing. The round was led by Chrysalix Venture Capital with participation from Fonds Ecofuel. The funds raised will advance commercialization of the company’s flagship product, Rithmik Asset Health Analyzer.
MONTREAL and VANCOUVER, British Columbia, July 08, 2021 (GLOBE NEWSWIRE) — Rithmik Solutions, whose mission is building the world’s most advanced and reliable analytics for mobile mining equipment, today announced the closing of a US$1.2M investment led by Chrysalix Venture Capital and joined by Fonds Ecofuel.
The funding will accelerate the commercialization of the company’s flagship product, Rithmik Asset Health Analyzer (AHA), which has been in development for the past three years and is currently undergoing real-time onsite trials in Alberta, Quebec and Zambia. Rithmik AHA applies a multi-tiered machine learning approach to increase mobile equipment uptime while reducing maintenance costs and lowering greenhouse gas emissions. Mining companies typically spend anywhere from 20%-50% of their annual operating budgets on equipment maintenance, and lost production from unplanned downtime has an even bigger financial impact.
“We were impressed by the Rithmik team’s deep technical experience in the space of mobile mining equipment data, across equipment types and OEM brands, and that experience has strongly resonated with their early customers,” said Alicia Lenis, Vice President at Chrysalix Venture Capital, an industrial innovation fund. “And when we looked at their approach, which is a scalable AI-first solution that accounts for the extreme variability in mines, we see significant potential that they can crack this tough problem for mining companies.”
Rithmik can reveal an issue with equipment before it causes significant damage. “Our results to date have included detection hours to months in advance of major failures in multiple types and brands of mobile mining equipment across vastly different geographies. Our system has also proven able to uncover chronic inefficiencies along with gaps and inconsistencies in the data itself,” said Amanda Truscott, CEO at Rithmik. “Better-running equipment burns less fuel,” she added.
Richard Cloutier, Managing Partner at Fonds Ecofuel, an early-stage fund committed to clean tech investments, further emphasized the green aspect of Rithmik’s technology. “Since the Fonds Ecofuel is always looking for cutting-edge innovations that reduce GHG emissions, we have been extremely impressed with Rithmik’s latest developments in the mining sector and are happy to support a new portfolio company that provides solutions to climate change.”
About Rithmik Solutions
Rithmik Solutions increases mobile equipment uptime. The company was founded by a team that combines data science with decades of experience in mines all over North and South America, and its advanced analytics optimize maintenance, reduce greenhouse gas emissions and extend equipment life. Rithmik Asset Health Analyzer (AHA™) applies a multi-tiered machine learning approach to data from pre-existing sensors and available contextual information. It’s easy to deploy and resilient enough for the world’s most extreme environments. AHA™ provides insights into past, current and future equipment issues, trustworthy alarms, and better end-of-life planning for longer-lasting assets, all while integrating with existing systems and reporting tools. For more information visit https://rithmik.com/.
About Chrysalix Venture Capital
Chrysalix is a technology focused venture capital firm that builds, mentors and connects high growth companies. Founded in Vancouver, Canada in 2001, and with offices also in Delft, Netherlands, Chrysalix has built its reputation on bringing disruptive innovation to the world’s largest industries by focusing on where technology meets physical science. The firm’s investments include breakthrough technologies like smart mining, 3D printing of steel, fast charging electric vehicle infrastructure, battery intelligence, CO2 capture, wastewater management, and fusion energy. Chrysalix has one of the strongest investment teams in the industry with deep energy, industrial technology and entrepreneurial expertise, and is backed by more than 20 international blue-chip industrial and financial investors. Chrysalix latest fund, the Chrysalix RoboValley Fund, is the firm’s second fund under management focused on industrial innovation. For more information visit: www.chrysalix.com.