Miovision, a Kitchener, Canada-based provider of intelligent transportation solutions that enable cities to reduce traffic congestion and vehicle emissions while improving public safety, announced that it raised $260 million in growth funding.
The round was co-led by TELUS Ventures, Maverix Private Equity, and Export Development Canada (EDC). With this funding, Miovision will accelerate organic and inorganic growth initiatives, as well as increase investment in product development.
“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.”
Miovision 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, including vehicles, bicycles, and pedestrians.
Company: Miovision Technologies Inc.
Raised: $260.0M
Round: Growth Round
Funding Month: April 2023
Lead Investors: TELUS Ventures, Maverix Private Equity, and Export Development Canada
Additional Investors:
Company Website: https://miovision.com/
Software Category: Intelligent Transportation Solutions
About the Company: Founded in 2005 by Kurtis McBride, Tony Brijpaul, and Kevin Madill, Miovision provides cities with modern tools to fix today’s traffic problems. Miovision uses a combination of computer vision, artificial intelligence (AI), and advanced analytics to help cities reduce traffic congestion and vehicle emissions. They offer solutions that collect multimodal traffic data and uncover actionable insights, helping municipalities get more out of their road network. 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.
Source: https://www.globenewswire.com/news-release/2023/04/17/2647938/0/en/Miovision-s-global-ambitions-attract-260M-investment.html