BDC and CVCA award RtTech Software BDC Innovation Award for industrial app development

BDC and CVCA award RtTech Software BDC Innovation Award for industrial app development
May 25
12:31 2015

BDC and CVCA award RtTech Software BDC Innovation Award for industrial app development
RtTech’s software deployed across 14 countries, 24 blue chip companies and 55 industrial sites

RtTech Software, a New Brunswick based software company specializing in industrial app development, 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 an unexpected ways.

“Canada’s innovative software companies are being recognized around the world for their excellence. Our government has taken clear steps to create an environment where innovators and investors can   succeed and grow,” says James Moore, Minister of Industry. “By showcasing excellence, the BDC’s Innovation Award is a part of our Economic Action Plan commitment to build a strong entrepreneurial culture in Canada.”

RTTECH SOFTWARE - RtTech Software Closes $3 Million Financing“RtTech Software stands out in a very competitive industry,” says Jérôme Nycz, Executive Vice President at BDC Capital. “As one of the few software companies that develops industrial apps for operational intelligence in industrial facilities, they are well positioned to capitalize on the exploding industrial Internet markets.”

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 yet another example of exciting developments in Canada’s startup community where our young companies are driving innovation in ICT that are revolutionizing industry,” says Mike Woollatt, CEO, CVCA. “Canada has a vibrant VC-backed technology sector, and we expect to see many more success stories rise to the surface in the coming years.”

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.

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