Rivercity Innovations, world class leader in IoT solutions focused on food-tech and cold chain monitoring, has raised a CAD $2 Million preferred share growth capital round.

October 10, 2024

(Thursday, Oct 10, 2024) – Rivercity Innovations Ltd. (RCI) has raised $2 Million in a preferred share growth capital round led by Calgary based StepChange Capital, with participation from StartUpTNT, WestCap’s Golden Opportunities Fund, WTC and Wieger Holdings. As lead investor, StepChange’s Eric Miller (Managing Director StepChange, incoming Board Chair) and Trevor MacFarlane will join RCI’s Board.

Founded by Jeff Shirley, RCI is a Saskatoon based IOT solutions company focused on food safety in the cold chain market. Building on recent traction with grocery and pharmacy clients across North America, RCI is now expanding their North American presence and adding new cold chain monitoring focus in Europe and the Gulf region. RCI’s modern disruptive IoT cold chain temperature monitoring solution includes their proprietary sensors and SaaS software. It is used across the supply chain from warehouse to distribution, retail, and in-transit for clients with temperature sensitive goods. The solution not only automates processes related to cold chain monitoring, but digitizes data for decision and compliance requirements, predicts failure of mechanical systems with early warnings in the cold chain before catastrophic losses happen, tracks product temperature with GPS data in Last Mile Delivery, prevents food waste and shrinkage due to temperature issues, and adds a calculated measurable sustainability metric on the reduced carbon footprint from their full solution – all through using the RCI unique IoT solution wholly created, operated and controlled by RCI.

Jeff Shirley, CEO of RCI states “I am very excited for StepChange Capital leading our round into our growth stage. With clients in enterprise operations across multiple countries now choosing our Made in Canada solution as their cold chain digitization and process automation partner, not only are they reporting success preventing food and medicine losses, but also achieving sustainability goals through net measurable reductions in their carbon footprint through enhanced management of energy consumption. StepChange sees the value of this for our target market in grocery, pharmacy, and food services, and understands the opportunity in the market to scale up our solution. They are enabling our continued success through their major investment and support. Clients using our solution predict failures in mechanical systems and catch human errors resulting in financial wins alongside the peace of mind knowing proactive technology is working for their business and bottom line. The automated process we deliver digitizes data, creating both compliance records and value in staff time saved. Those staff members can then spend time on improving store operations and customer service instead of doing manual temperature checks.”

Jeff adds “Related to our client base, as a leader in IoT solutions RCI has a product road map including a hybrid LoRa IoT-satellite GPS tracker with temperature monitoring solution partnered with French satellite operator Kineis (Q1 2025), and a new grocery cart tracker solution GuardaCart which will be available to our clients in Q4 2024. We look forward to pushing our disruptive real-time preventative measures out to our clients to enable their success. We continue as a team to lead the way in the global IoT marketplace for cold chain and asset tracking with a truly Made in Canada solution.”

For media inquiries, contact:
Jeff Shirley
Founder and CEO, Rivercity Innovations
Phone: 306-380-6330 | Email: jeff@rivercityinnovations.ca

 

ABOUT RIVERCITY INNOVATIONS

Saskatoon-based Rivercity Innovations builds world-class sensors using IoT solutions to deliver GPS, temperature and humidity data. Previous investors include Conexus Venture Capital, Golden Opportunities Fund and Tribune Capital. RCI is known for its unique LoRa IoT solutions for industries requiring telemetry data primarily focused on cold chain monitoring including grocery, pharmacy, and restaurants. To learn more about Rivercity Innovations, visit www.rivercityinnovations.ca.

ABOUT STEPCHANGE CAPITAL

StepChange is a Western Canada-based private investment firm that invests in innovative businesses that are scaling their business for rapid growth. They target businesses with innovative products and services with a sustainable competitive advantage that create and deliver unique value, improve business productivity, reduce waste, and reduce business risk. StepChange looks for those companies at the critical inflection point where investment and strategic expertise will provide significant value toward attaining the company’s growth objectives.