Kitchener-based Miovision has raised CDN$260 million to help expand its urban traffic-management technology.
The company also announced the acquisition of Global Traffic Technologies (GTT) of St. Paul, Minnesota, Miovision’s fourth acquisition since July 2021.
“This investment will enable Miovision to continue to develop our platform and quickly integrate new acquisitions,” 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.”
The company’s latest round of growth funding – a significant achievement in a cautious investment climate – was co-led by Telus Ventures, Maverix Private Equity and Export Development Canada.
“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 at TELUS Ventures. “TELUS is focused on leveraging its 5G network and Miovision technologies to create transformational intelligent traffic and connected vehicle solutions.”
In a news release, Miovision said it paid US$107 million for GTT. Other recent acquisitions include Traffop, Rapid Flow and MicroTraffic.
Launched in 2005, Miovision provides an AI platform that helps cities manage traffic lights and vehicle congestion at intersections. The aim is to improve traffic efficiency, reduce emissions and make roads safer for vehicles, bicycles and pedestrians.
McBride told Tech News that his company’s vision involves augmenting the traditionally “hardware-centric” nature of traffic infrastructure, such as traffic lights, with technology that can not only keep traffic moving quickly and safely, but also accommodate emerging changes like the advent of autonomous and connected vehicles.
“What we're working towards is helping our industry move from a hardware-centric to a software-centric paradigm, where powerful, flexible hardware like Miovision Core delivers an array of software solutions, including continuous traffic data/insights, safety analytics, adaptive traffic signals and emergency and transit signal prioritization,” said McBride. “Adding GTT gives us a fantastic prioritization solution – along with the talent that created it.”
Miovision employs more than 400 full-time equivalent staff and continues to hire. Headquartered in Kitchener’s Catalyst137 complex, it also has offices in the U.S., Germany and Serbia. The company’s technology is used by 2,000 customers in 63 countries.
In addition to the $260 million announced today, Miovision’s past investment rounds include $30 million in 2015, $15 million in 2018 and $120 million in 2020 (all Canadian dollars).