Hitachi Construction Machinery invests in AI analytics firm

Photo: Rithmik Solutions

Headquartered in Montréal, Rithmik specialises in agnostic analytics for mobile mining equipment.

Through the use of AI, the company said it helps operators detect issues earlier, optimise performance, reduce environmental impact, and improve fleet-wide reliability and utilisation.

According to Rithmik, the partnership is intended to support the development of next-generation smart mining by combining its real-time fleet and asset-level insights with Hitachi Construction Machinery’s global presence and focus on digital transformation.

Hitachi, which has made a minority investment as part of Rithmik’s Series A financing round, said the investment aligns with its goal of expanding its digital platforms with partners.

Eiji Fukunishi, vice president and executive officer, and president of the Mining Business Unit at Hitachi Construction Machinery, said: “This investment marks an important step towards Hitachi Construction Machinery’s goal of building open digital platforms with various partners.

“Combining Rithmik’s advanced, AI-powered data analysis technology with Hitachi Construction Machinery’s insight will help us provide more flexible solutions to our customers as well as contribute to increased productivity and reduced environmental impact at mining sites.”

Ross Barichievy, CEO of Rithmik Solutions, added: “We’re honoured to collaborate with Hitachi Construction Machinery, a company that shares our dedication to innovation, operational excellence, and collaboration.

“By leveraging Hitachi Construction Machinery’s global presence with Rithmik’s expertise in mining analytics, we aim to deliver unprecedented performance, reliability, and sustainability to customers worldwide.”

Alongside Hitachi, Rithmik also received investment from Chrysalix Venture Capital, Sprout Fund, Fonds Ecofuel, Phoenix Fire, and Developer Capital.

With the funding round, Rithmik said it would be able to scale global expansion, product development, and integration into additional digital mining ecosystems.