Rithmik Closes US$1.2M to Commercialize "AI-First" Mobile Mining Analytics

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.