FREDERICTON, Feb. 24, 2015 /CNW/ - The New Brunswick Innovation Foundation (NBIF) today announced an additional $500,000 venture capital investment in RtTech Software Inc., bringing its total investment in the company to $1 million. Toronto-based McRock Capital who contributed $2 million led the current investment round.
RtTech's technology allows large industrial plants to detect, quantify and report downtime and inefficiencies in real time. Founded in 2011, RtTech's solution has already been installed by 57 companies in 14 different countries.
"With many of the top brands in mining and food processing using its products, and with recent wins in the power generation and oil and gas industry, RtTech is poised for a rapid growth," says NBIF chair Robert Hatheway, "the proceeds of the investment will be used to support RtTech's product development, sales and marketing activities, expansion and general working capital needs."
Part of RtTech's rapid growth has been fuelled by the integration of its software with that of two other major corporations, OSIsoft and Emerson (NYSE:EMR). RtTech's products RtEMIS and RtDuet both run in tandem with OSIsoft, the leading data historian for industrial processes around the world, and Emerson's Energy Management Information System for real-time monitoring, analysis and detection of excessive plant energy consumption.
"As one of our first investors, NBIF has played an instrumental role in preparing and positioning RtTech for investments by other large venture capital funds like McRock," says RtTech Software CEO and founder Pablo Asiron, "with their support we've turned what was the results of one engineering project into an expanding global company."
Since installing RtTech's solutions, its customers have been able to generate operational cost savings up to 15% from undetected inefficiencies alone, which for heavy industry can translate into millions of dollars added back to their bottom line.
ABOUT NBIF :
The New Brunswick Innovation Foundation (NBIF) is an independent, not-for-profit corporation that makes investments in new startup companies and R&D within established businesses and New Brunswick universities and research institutes. With $50 million invested plus $315 million leveraged from other sources, NBIF has 34 companies in its active portfolio and has invested in over 350 applied research projects. All of NBIF's returns on investment go back into the Foundation to startup new companies and research projects.
SOURCE New Brunswick Innovation Foundation
For further information: Chet Wesley, Director of Marketing & Communication, New Brunswick Innovation Foundation, 877-554-6668, 506-452-2884, [email protected]