Moncton’s RtTech Software has been recognized by the Canadian Venture Capital & Private Equity Association (CVCA) as the BDC Innovation Award winner for 2015.
The award recognizes an early-stage Canadian company that has demonstrated the ability to bring innovation to market, while reshaping a sector or industry in new and unexpected ways.
RtTech’s solutions help manufacturing companies improve asset availability and utilization. According to Cisco, the market opportunity for industrial asset utilization is $2.1 trillion. RtTech is positioned to take advantage of this soaring market.
RtTech is also one of the first Canadian companies to offer cloud-based products such as RtDuet Cloud to embrace the next technology revolution – the Industrial Internet of Things (IIoT). RtTech’s Cloud and traditional on-premise software products enable industrial facilities, regardless of size, to connect machines to the enterprise and ultimately the Internet in an effort to eliminate unplanned downtime and improve productivity.
Canadian venture capital firm McRock Capital led a $3 million Series A financing to invest in RtTech Software because of its strength in analytic apps for IIoT.
RtTech has deployed software in over 55 industrial sites with 24 blue chip customers in 14 different countries. Its clients include BHP Billiton, Cargill, Michelin and Barrick Gold.