Rithmik Solutions, a leader in AI-powered analytics, has successfully closed a $2 million funding round that, it says, will help accelerate its growth, further enhance its product offerings, and expand its reach to help mines around the world maximise the efficiency and lifespan of their mobile equipment.

This investment was spearheaded by a syndicate of new and existing investors, demonstrating, Rithmik says, strong confidence in its innovative approach to reducing greenhouse gas emissions, enhancing equipment uptime and improving operational efficiency.

Rithmik’s Asset Health Analyzer (AHA™) leverages advanced machine-learning techniques to provide early warnings of equipment issues, optimise maintenance and deliver insights into aspects of operations impacting asset performance. 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, it added.

The funding round saw participation from Sprott Fund, Cycle Momentum, DevCap, angel investors from AngelOne and the Golden Triangle Angel Network and Archangel’s Adrenaline Fund, with support from previous investors Chrysalix Venture Capital and Ecofuel. This diverse group of backers underscores the broad appeal and potential impact of Rithmik’s technology, the company said.