Backed by mining technology investor Jolimont Global Mining Systems, Montreal-based Newtrax ranked 166 on Deloitte's Technology Fast 500.

"The underground mining industry will be experiencing a seismic shift in the next few years, with the adoption of the Internet of Things and Artificial Intelligence to optimize their processes. It's exciting to be part of this revolution," said Newtrax CEO Alexandre Cervinka.

Deloitte said its 2018 Technology Fast 500 companies achieved revenue growth ranging from 143% to 77,260% from 2014 to 2017, with median growth of 412%.

To be eligible for Technology Fast 500 recognition companies must have proprietary intellectual property or technology sold to customers in products that contribute to most of their operating revenues. Companies must have base-year operating revenues of at least US$50,000 and current-year operating revenues of at least US$5 million USD. They have to be headquartered in North America and have been in business for at least four years.