Dartmouth-based Rimot, whose technology helps to monitor remote infrastructure, has received a $600,000 loan from the Atlantic Canada Opportunities Agency to help with international sales and marketing.
ACOA issued a statement on Wednesday, announcing the loan which it granted under the federal government’s Regional Economic Growth through Innovation program.
The company says it has paying customers across the U.S. and Canada in such key sectors as oil and gas, public safety, manufacturing and marine transportation. It is also in discussions with other potential companies that it hopes to sign soon.
“Our immediate priority is to turn some of those great opportunities we have in our pipeline into customers,” said Co-Founder and CEO Andrew Boswell in an interview. “We’re very focused as a company on turning them into happy customers and revenues.”
Boswell previously spent 14 years as the President of Nova Communications, a specialist in integrating wireless communications systems. During that time, he noticed that various companies or organizations have private wireless communications systems in remote locations, and no way to monitor the infrastructure. That means that these systems are susceptible to outages, and repairing them is often costly because they are so far from corporate or government offices.
Boswell and Rimot CTO James Craig devised a solution called RimotRF, which they describe as a turnkey solution, meaning that it can bolt on to any remote transmitter and work seamlessly with existing communications equipment. RimotRF constantly collects information about the transmitter and site, combining it with weather data to give a complete picture of what is happening in the field.
RimotRF users receive this information and the analytics on the mobile device of their choice. The system can set up alerts that can be sent by email or texts when certain thresholds are exceeded.
Boswell said that recent studies show that “communication systems that are monitored 24/7 experience 50 percent fewer outages. When you think about the criticality of those numbers, it shows how important this is.”
Rimot, which was one of 11 graduates in the recent Creative Destruction Lab-Atlantic cohort, now has a team of about 10 people. Boswell says the company “is raising money and will be again” but declined to say more about equity investments.
The company is establishing more contracts and partnerships. For example, Boswell said it is working with Motorola Solutions, and has secured a standing offer with the U.S. government and is working with a partner to secure its first government contract in the U.S.
The growth of the oceantech segment in the region is a natural fit for Rimot, given that it can help to monitor communication systems offshore, said Boswell, adding it has brought the company added visibility and opportunities.
“Rimot has the unique combination of deep industry experience and expertise that really raises the bar in the industry, and they have already captured the attention of some of the world’s leading international companies,” said Jim Hanlon, CEO of the Centre for Ocean Ventures and Entrepreneurship, which has helped to support Rimot. “It is important to recognize that experienced entrepreneurs are still the largest source for successful start-ups globally.”