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

May 21, 2015, 07:09 ET from Business Development Bank of Canada

RtTech's software deployed across 14 countries, 24 blue chip companies and 55 industrial sites

TORONTO, May 21, 2015 /CNW Telbec/ - 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 and 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 Innovation Award is a part of our Economic Action Plan commitment to build a strong entrepreneurial culture in Canada."

"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.

Please visit www.bdc.ca/awards for more information.

About BDC
Canada's business development bank, BDC, puts entrepreneurs first. With almost 2,000 employees and more than 100 business centres across the country, BDC offers loans, consulting services, growth and business transition capital, securitization, as well as venture capital to more than 30,000 small and medium-sized companies. Their success is vital to Canada's economic prosperity. www.bdc.ca

About the CVCA
The CVCA is the voice of Canada's venture capital and private equity industry. We are focused on improving the private capital ecosystem by broadening industry awareness and providing market research, networking, and professional development opportunities. We also advocate on behalf of the industry to ensure sound public policy that encourages a favourable investment environment. The CVCA works alongside its members, who represent the vast majority of private capital firms in Canada, to improve the industry and drive innovation and growth.

 

SOURCE Business Development Bank of Canada



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