Dartmouth, N.S. July 24, 2019 - Rimot, a critical infrastructure remote monitoring company, announced today that it has closed an equity financing round of $1.2 million, with participation from private investors and $500,000 from Innovacorp.
“This investment will allow Rimot to accelerate our growth at a much faster pace to meet the needs of our customers in the United States and Canada,” said Andrew Boswell, CEO of Rimot. “Innovacorp has been a great partner in helping us grow our business, and the private investment we received exceeded our targets by the exposure we received from the Creative Destruction Lab program.”
Rimot, headquartered in Dartmouth, Nova Scotia, offers monitoring-as-a-service to keep remote critical infrastructure working for business and government organizations. The company provides turnkey remote monitoring to maximize reliability of critical equipment in the field and minimize its downtime, maintenance costs, and risk. Rimot’s real-time analytics provide organizations with digital operational data to address problems quickly or avoid them.
The company’s first service is for monitoring of wireless communication sites. A recent Motorola Solutions global benchmark study found that wireless systems that are continuously monitored 24 hours a day experience 50 percent fewer outages than sites that are unmonitored.
The remote asset management market continues to see significant growth at 25 percent per year. According to MarketsandMarkets, the market is projected to reach $27B USD globally in 2021.
Andrew Boswell, CEO