KITCHENER, Ontario, April 17, 2023 (GLOBE NEWSWIRE) -- Miovision, a leading provider of intelligent transportation solutions that enable cities to reduce traffic congestion and vehicle emissions while improving public safety, announced today it has raised $260M in growth funding in a round co-led by TELUS Ventures, Maverix Private Equity and Export Development Canada (EDC).
“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,” said Miovision CEO Kurtis McBride. “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.”
“Having led the previous round of funding, we’re impressed with how Miovision has executed its growth strategy over the past three years,” said Mario Mele, Vice-president, TELUS Ventures. “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.”
“The challenges around urban mobility will be solved by data, not asphalt,” said Mark Maybank, Co-Founder and Managing Partner, Maverix Private Equity. “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safety, reduced transit times, prioritization for first responders, and significant cost efficiencies compared to the outdated analog traffic systems.”
“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,” said Guillermo Freire, Senior Vice-President Mid-Market, EDC. “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.”
With this funding, Miovision will accelerate organic and inorganic growth initiatives, as well as increase investment in product development.
About Miovision
Miovision enables cities to reduce traffic congestion and vehicle emissions while improving public safety through scalable intelligent transportation solutions.
Our 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.
Miovision is headquartered in Kitchener, Canada, and has offices in Germany, Serbia, and the US. 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.
About TELUS Ventures
As the strategic investment arm of TELUS Corporation (TSX: T, NYSE: TU), TELUS Ventures is one of Canada’s most active corporate venture capital funds. TELUS Ventures invests globally in companies from Seed to Pre-IPO with a focus on innovative technologies such as AgTech, Digital HealthTech, Consumer Connectivity, IoT, 5G, and Business Enablement Platforms to actively drive new solutions across the TELUS ecosystem. Led by a team of experienced operators, investors and executives, the Ventures team is passionate about creating positive social impact through financial tools and has invested in more than 100 companies since inception. For more information please visit ventures.telus.com.
About Maverix Private Equity
Maverix Private Equity is a Toronto-based private equity firm. It is led by an experienced and talented team with the background, network and track record necessary to successfully execute on an investment strategy of technology-enabled growth and disruption. Maverix is currently investing out of its inaugural fund, the Maverix Growth Equity Fund I. Maverix targets North American companies with rapidly growing revenue and evidence of a profitable business model. To learn more about Maverix Private Equity, please visit maverixpe.com.
About Export Development Canada
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.
