RIME News & Events

Algorhythm Holdings announced that MTR Foods has joined its SemiCab freight optimization platform. MTR Foods is the fourth new customer onboarded or expanded with SemiCab this year as the platform continues to gain momentum. Headquartered in Bengaluru and a subsidiary of Norwegian conglomerate Orkla Group, MTR Foods manufactures a wide range of ready-to-eat meals, breakfast mixes, spices, snacks, and beverages that are distributed across India and international markets. By joining the SemiCab platform, MTR Foods will gain access to SemiCab's AI-powered freight orchestration network designed to reduce empty miles, improve load matching, and optimize transportation efficiency across its distribution network. SemiCab's Collaborative Transportation Platform will enable MTR Foods to scale its logistics operations with greater agility and intelligence-without increasing headcount or infrastructure.

Algorhythm's (RIME) SemiCab has been awarded a pilot program with Hindustan Coca-Cola Beverages, a subsidiary of The Coca-Cola Company (KO) and its largest bottling partner in India, to launch a pilot transportation program on SemiCab's collaborative freight platform. SemiCab will onboard Coca-Cola India onto SemiCab's Collaborative Transportation Platform, marking a major milestone in SemiCab's expansion within India's fast-moving consumer goods sector. The pilot program is designed to evaluate SemiCab's performance in reducing empty miles, improving delivery efficiency, and cutting transportation costs. If successful like the other pilot programs the company has participated in, this proof-of-concept program could pave the way for a broader rollout of SemiCab's solution.

Algorhythm Holdings has received an additional $9.5M under its existing $20M financing facility, bringing total capital raised under the facility to $19.5M. At completion of this new funding, Algorhythm reported approximately $12.5M in cash on hand, providing ample capital to support the continued expansion of its SemiCab platform in India, the U.S., and other international markets. The Company intends to deploy the proceeds to: Accelerate U.S. go-to-market efforts for the newly launched SemiCab Apex SaaS platform; Grow its customer base and contract footprint in India; Expand geographically into new freight logistics markets; and Develop complementary products and services to strengthen the SemiCab platform. In addition, the Company has already repaid approximately $7M of the initial $10M under the financing facility, further reinforcing its balance sheet and increasing stockholders' equity.

Algorhythm articulated its long-term vision for the freight trucking industry. The company said: "SemiCab is built on a simple belief: freight runs better when planning, execution, and learning are connected across participants. This vision reflects SemiCab's belief that freight transportation should function as a connected, continuously learning network - not as a series of isolated groups of transactions. By coordinating decisions in real time and applying intelligence at network scale, SemiCab is designed to help enable: Higher asset utilization; Fewer empty miles; More consistent service; Lower cost per move; Growth without matching increases in overhead"