KITCHENER, Ontario, Oct. 19, 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, has closed the second – and final – tranche of its latest funding round, announced in April. Thanks to accelerating opportunities in the marketplace, investors – TELUS Ventures, Maverix Private Equity, Export Development Canada (EDC), McRock Capital, HarbourVest Partners and BDC Capital’s Growth Venture Co-investment Fund – chose to increase their investment by C$36 million, bringing the total investment round to C$296 million.
“Traffic is the number one or number two issue for municipal voters in a growing number of urban centres,” said Mark Maybank, Co-Founder and Managing Partner of Maverix Private Equity. “We believe Miovision has the right solutions, the vision and the team to become a multi-billion dollar, Canadian-based global champion.”
“As an early investor into Miovision, we continue to be impressed by their growth strategy and vision,” said Terry Doyle, Managing Partner and Vice-president of TELUS Ventures. “With TELUS’ growing portfolio of 5G network and Miovision solutions, we can help cities and towns to optimize their traffic networks, reducing congestion, improving road safety, and improving emergency response.”
“Miovision continues to demonstrate they are a strong Canadian growth story, leading the way on the digitization of traffic infrastructure,” said Guillermo Freire, Senior Vice President Mid-Market, Export Development Canada. “Digitization opens up the opportunity to use rich traffic data to address the negative impacts of transportation – reducing emissions and improving road safety. These are global challenges and with EDC’s financial and non-financial solutions, the team of investors and Miovision’s vision and solutions we believe the company will become a global leader.”
“Miovision is bringing brains to the intersection,” said Whitney Rockley, Co-Founder and Managing Partner, McRock Capital. “The company is a leader in helping cities, towns and agencies gather multimodal traffic data and deliver the kind of analytics that help their customers manage urban transportation far more effectively. They are helping solve a real challenge and we see a significant, growing opportunity for the company and its solutions.”
“For years, we’ve had a vision to provide rich multimodal traffic data and analytics to enable cities and towns to optimize their traffic networks,” said Kurtis McBride, CEO and Co-Founder, Miovision. “As customers work to address traffic congestion, improve transit performance, reduce emergency response times, improve road safety and reduce the environmental impact of urban transportation, demand for our solutions is growing. This investment provides the capital we need to scale to meet these opportunities.”
Miovision plans to use this round of funding to accelerate organic and inorganic growth initiatives, as well as increase investment in product development with an aim at capturing a growing share of the market for solutions to enable cities, towns and public agencies to more effectively measure, manage and optimize urban transportation.
Watch Whitney Rockley, Mark Maybank and Kurtis McBride talk about this funding – and what it means for Miovision – in the latest episode of The Intersection podcast.
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, Miovision’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.
