UNDERSTANDING THE CYCLE MOMENTUM INCENTIVE FOR INVESTING IN RITHMIK SOLUTIONS
Mining is a hard-to-decarbonize sector that contributes 4-7% of total GHG emissions. Increasing operating efficiency is the best path for reducing emissions in mining in the near term. Rithmik Solutions developed a predictive maintenance solution for mobile mining equipment, which reduces downtime and unnecessary shutdowns, saving fuel and reducing labour costs. It works with existing data and requires no specialized hardware, making it easy to integrate with existing systems. Customers validated up to 10X ROI from deploying Rithmik Solutions. Predictive maintenance is a $7B market and growing rapidly, and Rithmik Solutions is well positioned by solving real problems for their customers.
TARGETING THE FUTURE: ADDRESSING MINING’S TRANSITION AWAY FROM FOSSIL FUELS
Rithmik Solutions is focused on addressing a critical challenge within the mining industry: facilitating the transition away from fossil fuels. With global demand for critical minerals soaring, there is an urgent need to ramp up production. However, traditional mining methods remain carbon-intensive and are confronted with labor shortages, compounded by declining ore grades. Notably, inefficient mobile equipment contributes up to 40% of direct mine emissions, despite significant maintenance expenditures.
AI-POWERED EFFICIENCY: REVOLUTIONIZING MINING WITH OPTIMIZED MOBILE EQUIPMENT
Rithmik Solutions is pioneering AI-driven solutions to optimize mobile equipment and reduce greenhouse gas emissions in mining operations. The company’s Asset Health Analyzer has been independently assessed to slash fuel consumption by approximately 15%, while simultaneously enhancing equipment availability and reducing maintenance costs. This innovation has delivered tangible benefits across diverse regions and commodities, with a validated return on investment (ROI) exceeding US $350,000 per heavy haul truck annually.
FUELING GROWTH: CYCLE MOMENTUM INVESTMENT PROPELS RITHMIK SOLUTIONS TO NEW HEIGHTS
The recent investment from Cycle Momentum’s Origo program represents a significant milestone for Rithmik Solutions. With a successful funding round closure at $2 million, the company is empowered to demonstrate the scalability of its business model through multiple deployments with existing clients. This capital injection positions Rithmik to expand its pipeline while strengthening partnerships with OEMs and data collection firms.
SCALING FOR SUCCESS: AUTOMATION AND EXPANSION IN MINING OPTIMIZATION
Looking ahead, Rithmik Solutions is focused on implementing enhanced automation to deliver insights seamlessly and increase scalability. This strategic initiative will enable the company to cater to customers at varying levels of digital maturity while streamlining operations and expanding its client base. Rithmik’s goal is to solidify its position as a leader in AI-driven mining optimization, driving sustainable practices and transformative impact within the industry.
Rithmik Solutions is committed to revolutionizing mining operations, reducing carbon footprints, and driving sustainable practices through innovative AI technologies. With the support of Cycle Momentum’s investment, they are poised for accelerated growth and transformative impact within the global mining sector.
