Industrial IoT Leader Gains New Momentum in Healthcare, Autonomous Vehicles, Energy and Oil & Gas; DDS Gains Traction as IIoT Standard
SUNNYVALE, Calif.—Feb. 20, 2018— Real-Time Innovations (RTI), the Industrial Internet of Things (IIoT) connectivity company, today announced another year of consistent growth by logging a 23% increase in recurring bookings. RTI has now accumulated 27% CAGR sales growth over the last three years. Perhaps most impressively, RTI's recurring revenues now account for more than 70% of revenues with a dollar-value retention of 116% (-16% churn). Negative churn indicates that RTI's customers are loyal and growing.
2017 brought a record number of new customer engagements, with 173% growth in net new customers over RTI's strong 2016. To support the growth, RTI increased its employee headcount by 32%. Europe had particularly strong growth, with rapid expansion of its Spain Development Center (SDC) and 30% growth in the territory. RTI's performance sets the stage for continued momentum in 2018; the company expects to expand field sales and business development this year.
The RTI Connext® Databus is the strongest implementation of the Data Distribution Service™ (DDS) standard. In 2017, RTI introduced RTI Connext DDS 5.3, the first connectivity software for scalable system-of-systems databus architectures. RTI Connext DDS 5.3 is the newest addition to RTI’s comprehensive Connext DDS product portfolio, designed to architect IIoT systems in RTI's key verticals: Healthcare, transportation, Oil & Gas, power and defense. RTI also introduced RTI Labs, a free program that provides early access to new IIoT technology. RTI's advanced products now command more than 75% of the DDS market share.
In 2017, RTI continued to gain traction in connected medical devices, medical robotics and medical imaging. Healthcare providers are increasing demand for IIoT solutions in medical devices and particularly valued the interoperable security, data query, device mobility and web application integration delivered by RTI Connext DDS 5.3. Its highly reliable, secure, real-time databus positions RTI as the lead supplier of DDS for the medical community.
RTI has key applications in automotive, rail, metro transport, air traffic control, hyperloop and even flying cars. Most significantly, RTI is a key player in the autonomous vehicle market with implementations in passenger cars, campus vehicles, trucks, electric-vehicle startups and futuristic systems. The automotive industry increasingly sees DDS as the best standard for highly-autonomous "level 4 and 5" vehicles. RTI's newly announced AUTOSAR membership validates this recognition. RTI is helping AUTOSAR evolve to lead standards for autonomous-drive vehicles. RTI is working with startups, traditional OEMs, suppliers and platform partners to define new, data-centric DDS-based architectures.
Oil & Gas
With the drop in oil prices, many upstream oil companies are rushing to automate drilling and production. RTI is working with Oil & Gas customers to develop new architectures for these systems that capture and expand on the domain knowledge from the aging field engineering force while increasing efficiency and reducing costs. Importantly, automated systems are also much less likely to cause environmental damage due to drilling errors or production mishaps.
RTI demonstrates continued market leadership in the transition to green energy and the integration of renewables into the power grid. Generators running RTI software are today producing about 14GW of clean energy in hydropower, wind and solar plants.
RTI is also researching and productizing future grid solutions. The U.S. Department of Energy (DOE) awarded RTI $1 million in funding to advance continuing smart grid research and development using the DDS standard. RTI chairs the Industrial Internet Consortium (IIC) Microgrid Testbed, joined this year by software platform developer and system integrator, Wipro. With partners, National Instruments and Wipro, RTI demonstrated this solution at DistribuTECH 2018. This IIC team showed a complete end-to-end DER (Distributed Energy Resources) Management System solution.
RTI's work on the IIC Microgrid Testbed is just one example of its active participation in more than 15 industry consortia, including the IIC, the OpenFog Consortium and AUTOSAR. As a leading consortia member, RTI helps direct the IIoT market. In 2017, RTI co-authored significant industry frameworks and guidelines, including the ground-breaking Industrial Internet Connectivity Framework (IICF). The IICF is the industry's first detailed assessment of popular connectivity standards, including DDS, MQTT, OPC UA, OneM2M, RESTful HTTP and CoAP. RTI also contributed the layered databus architecture pattern to the newest edition of the Industrial Internet Reference Architecture (IIRA).
Worldwide User Conferences
RTI hosted industry thought leaders and customers at its annual Connext Conference in Munich, Germany and its inaugural Silicon Valley Connext Conference. Both conferences, as well as RTI's 2018 company kickoff, showcased speakers from across the IIoT landscape, including autonomous vehicles, advanced medicine and major renewable power plants. Customer speakers included Mercedes, the European Southern Observatory, Hyperloop One, Airbus, GE Healthcare, DocBox and the U.S. Army Corps of Engineers design for the Grand Coulee Dam.
"The smart machine era of the Industrial IoT is the largest market transition in history. In only four years, the IIoT evolved from early-stage interest to its first deployments. The IIoT is truly enabling the systems of the future," said Dr. Stan Schneider, CEO at RTI. "RTI is a leader in the industry’s early growth. Each year, more major corporate players trust RTI to support their IIoT multi-billion-dollar initiatives. Our success is also evidence that DDS is emerging as the preferred IIoT standard in many industries. We value this responsibility as we continue to drive momentum into 2018."
RTI collected many industry awards in 2017. These include recognition as a top-10 Bay Area News Group's Top Workplace, a SIIA CODiE award finalist, and IoT One's rating RTI's CEO as a Top-10 IIoT Influencer and the company among the industry's Top 25 Most Influential Companies.
For more information on the company and its products, please visit http://www.rti.com.
Real-Time Innovations (RTI) is the Industrial Internet of Things (IIoT) connectivity company. The RTI Connext® databus is a software framework that shares information in real time, making applications work together as one, integrated system. It connects across field, fog and cloud. Its reliability, security, performance and scalability are proven in the most demanding industrial systems. Deployed systems include medical devices and imaging; wind, hydro and solar power; autonomous planes, trains and cars; traffic control; Oil and Gas; robotics, ships and defense.
RTI lives at the intersection of functional artificial intelligence and pervasive networkingSM.
RTI is the largest vendor of products based on the Object Management Group (OMG) Data Distribution Service™ (DDS) standard. RTI is privately held and headquartered in Sunnyvale, Calif.
RTI is hiring aggressively; see www.rti.com/careers.