Rithmik Solutions, whose mission is building the world’s most advanced and reliable analytics for mobile mining equipment, 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.”
Clean tech investments
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.”