Rithmik Solutions, a leader in AI-powered analytics for mobile equipment optimization in the mining industry, announced the successful closing of a $2 million funding round. This funding round included participation from Cycle Momentum, DevCap, angel investors from AngelOne, the Golden Triangle Angel Network, and Archangel’s Adrenaline Fund. And previous investors Chrysalix Venture Capital and Ecofuel also strongly supported the round.
This funding round showcases confidence in Rithmik’s innovative approach to reducing greenhouse gas emissions, enhancing equipment uptime, and improving operational efficiency.
Rithmik’s Asset Health Analyzer (AHA) utilizes advanced machine learning techniques to provide early warnings of equipment issues, optimize maintenance, and provide insights into operations that impact asset performance. With the ability to rapidly and scalably tune its AI models to specific sites, Rithmik provides accuracy in its predictions, leading to increased equipment availability, lower maintenance costs, and a significant reduction in fuel consumption and greenhouse gas emissions.
Rithmik Solutions plans to use the funding to accelerate its growth, further enhance its product offerings, and expand its reach for helping mines around the world maximize the efficiency and lifespan of their mobile equipment.
KEY QUOTES:
“Rithmik’s sophisticated analytical and decision support solutions are incredibly valuable to its clients. We are very excited to be part of this exciting shift where machine learning can dramatically improve operations and reduce the environmental footprint.”
– Shaheel Hooda, Partner at Sprout Fund
“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.”
– Diane Wolfenden, General Partner with Archangel Network’s Phoenix Fire fund
