Rithmik Solutions

About Rithmik Solutions

Rithmik Solutions is a Canadian mining technology company founded in 2018 by Kevin Urbanski, Amanda Truscott, and Kris Isfeld. The founders identified a market need to better leverage the vast amounts of data collected from mobile mining equipment, a realization that stemmed from their collective experience in the industry. Urbanski and Isfeld had previously worked at Matrikon (now part of Honeywell), where they were involved in systems that gathered sensor data from mobile mining equipment. Urbanski, while later working at Teck Resources, faced the challenge of extracting actionable insights from this complex data, which he described as finding a "needle in a haystack." This experience, followed by a sabbatical to study AI, led to the founding of Rithmik to apply machine learning to solve these specific problems.

The company's core business revolves around providing AI-powered analytics to optimize the maintenance and performance of mobile mining equipment, serving mining companies and OEMs globally. The business model is subscription-based, charging license fees per asset monitored by its solutions. Rithmik's flagship product suite includes the Asset Health Analyzer (AHA) and the Asset Performance Analyzer (APA). The AHA platform creates a site-specific, virtual model of healthy equipment and runs it alongside the physical asset to detect deviations from ideal performance, providing early and actionable warnings of potential failures. This predictive maintenance solution is designed to integrate with existing data collection systems without requiring additional hardware, aiming to increase equipment availability, reduce maintenance costs, and lower fuel consumption by up to 15%. The APA builds on these capabilities to further optimize productivity by enhancing fuel efficiency and monitoring operational impacts.

Since its inception, Rithmik has achieved several milestones, including expanding its operations to North America, South America, and Africa. The company has secured multiple rounds of funding, including a $1.5 million CAD seed round in 2021 and a $2 million funding round in March 2024, bringing its total equity and non-dilutive funding to $7 million. These funds are intended to accelerate growth, enhance product offerings, and expand its global footprint. Rithmik is also a partner of the Mila-Quebec AI research institute.