Symx.ai raised US$6 million in Series A funding from Ascent Capital Partners. The Sudbury, Ontario company builds AI software for heavy mobile equipment. It also announced a white-label reseller deal with Yokohama Off-Highway Tires.
Partnership scope
Yokohama Off-Highway Tires will white-label and resell Symx.ai's technology to its clients. The deal is expected to bring Symx.ai to about 45 new sites in less than a year. Its technology currently runs at 24 sites across 14 countries.
Company background
Symx.ai launched in 2008 as Symboticware and rebranded in 2024. The company now employs 40 people and has raised US$8 million in total equity funding. Ascent co-founder Jonathan Loeffler joined its board as part of the round.
What the platform does
The platform monitors the health of trucks, excavators, loaders, dozers, drill rigs, and graders. It helps operators spot maintenance issues and avoid unscheduled downtime. Symx.ai targets mining, construction, cement, and processing sectors.
The company expects to become profitable next year. It does not plan to grow its team substantially. It also expects sales to double again in 2027.
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