Montréal, QC – June 18th, 2019 | Yesterday, Rithmik Solutions was named the winner of the Montréal Canadian Export Challenge Pitch Competition. Amanda Truscott, Chief Communications Officer won $2,500 and an all-expense paid trip to Toronto where they will compete head-to-head against six regional finalists for the grand prize of $25,000 and up to $100,000 in in-kind scaling support.
Rithmik Solutions leverages AI for predictive maintenance on mobile mining equipment. Mining companies spend between 20 and 50 per cent of their annual operating budgets on equipment repair and maintenance (SRK Consulting, 2016 and Mining Global, 2014). For a typical top 40 mining company, that’s between $2.3 and $5.7 billion per year (PwC, 2018). A significant contributor to those numbers is the fact that all too often, reliability and maintenance teams don’t have enough information to diagnose and prevent catastrophic equipment failures. Rithmik Solutions runs a virtual model of a healthy asset alongside its physical counterpart. When the equipment deviates even slightly from its ideal, the algorithm detects those deviations and provides insight so users can better judge when and how to implement repairs.
“Winning the pitch competition feels like a confirmation of things we already knew. It feels nice to have that confirmation because as an entrepreneur, you have those nights where you wake up and wonder what you are doing,” said Amanda Truscott, Chief Communications Officer of Rithmik Solutions. “When people recognize that you are on the right track, it’s a really good feeling.”
“Rithmik Solutions provides a modern-day solution to an age-old problem. Not only will Canadian companies benfit from their technology, but it can be used globally to spark efficiencies in mining and beyond,” said Rachelle DeSorcy, Canadian Export Challenge Lead at Startup Canada. “We’re delighted to see Rithmik Solutions win the Montréal Canadian Export Challenge Pitch Competition.”
Presented by Startup Canada in collaboration with UPS Canada®, Export Development Canada, and the Canadian Trade Commissioner Service, the Canadian Export Challenge in Montréal showcased and supported more than 150 borderless businesses to go global.
Truscott is set to travel to Toronto in October during Small Business Week where they will have the opportunity to pitch to win the grand prize and title as Canada’s 2019 Global Entrepreneur, receiving a host of support and funds. Montréal sets the last stop of the 2019 Canadian Export Challenge.
For more information, to schedule interviews, and to secure your media pass at the Pitch Competition Final Showdown, please contact:
Rachelle DeSorcy
Media Relations, Startup Canada
819-664-8701
rachelle.desorcy@startupcan.ca
About Startup Canada
Startup Canada is the national rallying community and voice for Canada’s 2.3 million entrepreneurs. Since launching in 2012, Startup Canada has grown to represent more than 200,000 entrepreneurs and 50 grassroots communities from coast to coast to coast. Through digital programs and flagship events, Startup Canada is the network promoting, inspiring, educating, connecting and giving a voice to Canada’s entrepreneurs; supporting them to start, operate and scale businesses that build a better Canada for the world today and for future generations. For more information, visit www.startupcan.ca.
About UPS
UPS (NYSE: UPS) is a global leader in logistics, offering a broad range of solutions including transporting packages and freight; facilitating international trade, and deploying advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. The company can be found on the web at ups.com and its corporate blog can be found at longitudes.ups.com. To get UPS news direct, follow @UPS_Canada on Twitter.
About Export Development Canada
Export Development Canada (EDC) helps Canadian companies of all sizes go, grow, and succeed in their international business. As a financial Crown corporation, EDC provides financing, insurance, bonding, trade knowledge, and matchmaking connections to help Canadian companies sell and invest abroad. EDC can also provide financial solutions to foreign buyers to facilitate and grow purchases from Canadian companies. For more information about how EDC can help your company, call us at 1-888-434-8508 or visit edc.ca.
About the Canadian Trade Commissioner Service
The Canadian Trade Commissioner Service (TCS) is Canada’s largest network of international business professionals – specialists with field access to global business opportunities to help Canadian companies succeed in markets spanning the globe. With over 120 years’ experience, the TCS is the go-to service for international business expertise and helps Canadian companies navigate the complexities of international markets with on-the-ground assistance available in over 161 cities worldwide. With a network of over 1,300 Trade Commissioners around the world, of which a large majority are locally engaged experts in their respective markets, the TCS also includes the Regional Business Network, which provides on-the-ground client service across Canada through 5 Regional Office hubs and Client Service Satellite offices co-located with partners in every province of Canada. By delivering tailored advice, the TCS helps Canadian businesses gain market insight, find new opportunities, connect with key contacts, and resolve business problems, so that they may make better, timelier decisions, propelling them to global growth. For more information, visit tradecommissioner.gc.ca.
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