Canada’s Rithmik raises C$2m


Staff reporter

Top image :
Rithmik Solutions co-founder and CEO, Amanda Truscott

Montreal-headquartered mining software firm Rithmik Solutions has closed a C$2 million equity raising which garnered new support from funds in Alberta and Ontario.

Western Canada-focused VC Sprout Fund, based in Edmonton, and Ontario-based Archangel Network’s Phoenix Fire fund, said to be supportive of women-led local technology firms, backed the Rithmik raise.

Rithmik, looking to expand sales of its mine Asset Health Analyzer (AHA) product, was co-founded in 2017 by current CEO Amanda Truscott.

The company’s latest raise was also backed by Cycle Momentum, DevCap, angel investors from AngelOne and the Golden Triangle Angel Network and Archangel’s Adrenaline Fund, “with strong support from previous investors Chrysalix Venture Capital and Ecofuel”. Chrysalix and Ecofuel led a US$1.2 million funding round in 2021.

“This significant investment from new and existing investors underscores the confidence in our innovative approach to reducing fuel burn while enhancing equipment uptime and operational efficiency,” Truscott said.

Rithmik says AHA uses advanced machine learning to generate early mining machine health warnings and optimise maintenance activity.

“With the capability to rapidly and scalably tune its AI models to specific sites, Rithmik offers unparalleled accuracy in its predictions, leading to increased equipment availability, lower maintenance costs, and a significant reduction in fuel consumption and greenhouse gas emissions,” the company says.

Sprout partner Shaheel Hooda said the fund saw an “exciting shift where machine learning can dramatically improve operations and reduce the environmental footprint” through companies such as Rithmik.

Diane Wolfenden, general partner with Archangel Network’s Phoenix Fire fund, said: “Rithmik’s groundbreaking work is not only transforming the mining industry but also setting an example of how technology can lead to more sustainable and efficient operations.

“We’re proud to be supporting such an accomplished team that has such a strong female presence.”

 

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