Miovision – a leading provider of intelligent transportation solutions that enable cities to reduce traffic congestion and vehicle emissions while improving public safety – announced it has raised $260 million in growth funding in a round co-led by TELUS Ventures, Maverix Private Equity and Export Development Canada (EDC).
What Miovision does: Miovision essentially enables cities to reduce traffic congestion and vehicle emissions while improving public safety through scalable intelligent transportation solutions. The company’s AI-powered platform helps communities improve traffic efficiency at the intersection and make roads safer for all types of road users: vehicles, bicycles and pedestrians. Based in Kitchener, Canada, Miovision has offices in Germany, Serbia, and the US. And since 2005, Miovsion’s systems have detected over 30 billion vehicles and 1.5 billion pedestrians, assisting nearly 2,000 customers in 63 countries. For more information, visit miovision.com.
What the funding will be used for: With this funding round, Miovision will accelerate organic and inorganic growth initiatives, as well as increase investment in product development.
KEY QUOTES:
“This investment will enable Miovision to continue to develop our platform and quickly integrate new acquisitions, including our recent acquisition of Global Traffic Technologies (GTT), building on the momentum the company has achieved over the last 18 months with the acquisitions of Traffop, Rapid Flow and MicroTraffic. These acquisitions are helping Miovision rapidly add new applications that we can deliver via our network of devices at the roadside and intersection, reducing the upfront cost of deploying data-driven solutions that can help cities make their transportation networks safer and cleaner while supporting broader urban planning objectives.”
- Miovision CEO Kurtis McBride
“Having led the previous round of funding, we’re impressed with how Miovision has executed its growth strategy over the past three years. TELUS is focused on leveraging its 5G network and Miovision technologies to create transformational intelligent traffic and connected vehicle solutions. This will help build safer, greener and more efficient cities and will pave the way for the future of transportation including, by optimizing traffic light control, enabling drivers to avoid traffic jams or clearing the way for emergency vehicles to quickly reach an emergency event.”
- Mario Mele, Vice-president, TELUS Ventures
“The challenges around urban mobility will be solved by data, not asphalt. Miovision is developing a platform that is helping cities get smarter – enabling them to measure and manage all aspects of urban mobility and address pressing concerns in fast-growing municipalities. This results in greater safety, reduced transit times, prioritization for first responders, and significant cost efficiencies compared to the outdated analog traffic systems.”
- Mark Maybank, Co-Founder and Managing Partner, Maverix Private Equity
“Miovision continues to be a strong Canadian growth story in the urban mobility space, equipping cities worldwide with solutions that enable safer, greener and less congested streets. EDC is committed to helping build the next generation of Canadian global champions and we are excited to continue our longstanding partnership with Miovision – through both financial and non-financial solutions – as it continues to scale into a true global leader in this sector.”
- Guillermo Freire, Senior Vice-President Mid-Market, EDC
