RtTech Software of Moncton has received the Frost & Sullivan Best Practices Award for 2015 in recognition of its “unrivaled innovation and leadership”.
RtTech Software, whose state-of-the-art automation helps industrial companies improve manufacturing processes, is the second Atlantic Canadian startup to be recognized by the international market research firm. Last year, Halifax-based Lamda Guard Inc. was awarded the 2014 Global Frost & Sullivan Award for Product Leadership for its solution to the problem of laser attacks on aircraft.
RtTech was spun out of ADM Systems Engineering of Moncton four years ago. Its main products are RtEMIS, which can pinpoint when and where part of a system is using excess energy, and RtDUET, which allows companies to examine specific processes to find the cause of downtime and poor utilization issues. The company is now releasing a cloud-based product that will allow smaller manufacturers to access its technology.
Earlier this year, RtTech landed $3 million in venture capital funding -- $2.5 million from McRock Capital of Toronto and $500,000 from the New Brunswick Innovation Foundation.
“RtTech Software’s Best Practice Award is a strong indicator to customers, employees, investors, and the public that RtTech Software understands demand, nurtures its brand, and differentiated itself from the competition in the asset and energy management platform market for manufacturing SMEs,” said Frost & Sullivan in a statement.
The firm added that RtTech’s partnership with Emerson Process Management, a global automation vendor with a larger sales force, has further strengthened its market positioning.
Frost & Sullivan is a leading, 53 year-old market research and consulting firm that tracks several industries including automotive, healthcare, information, communication technology, and more. Headquartered in Mountain View, Calif., Frost & Sullivan employs 1,800 analysts and has offices in more than 40 countries.
