Chrysalix RoboValley Fund, alongside Fonds Ecofuel, has invested US$1.2 million in Rithmik Solutions to accelerate the commercialization of its innovative AI-driven mobile mining analytics solution.

Information on the Target

Rithmik Solutions is dedicated to developing advanced analytics tailored for mobile mining equipment. The company has recently closed a US$1.2 million investment round led by Chrysalix Venture Capital, joined by Fonds Ecofuel. This funding will significantly advance the commercialization of their flagship product, the Rithmik Asset Health Analyzer (AHA), which has been under development for three years and is currently undergoing real-time onsite trials across Alberta, Quebec, and Zambia.

The Rithmik AHA leverages a sophisticated multi-tiered machine learning approach designed to enhance mobile mining equipment uptime while simultaneously minimizing maintenance costs and reducing greenhouse gas emissions. As mining companies allocate between 20% to 50% of their annual operating budgets to equipment maintenance, preventing unplanned downtime is critical to financial performance.

Industry Overview in Canada

Canada's mining industry plays a vital role in the country's economy, contributing significantly to employment and GDP. As one of the world's largest producers of minerals, Canada is leveraging advanced technologies to im