Miovision, a Kitchener, Ontario, Canada-based provider of traffic systems technology, completed a CAD$30m (USD$24m) Series B financing.
The round was led by MacKinnon, Bennett & Co. with participation from Investeco Capital, Renewal Funds, Plaza Ventures and Comerica.
The company intends to use the funds to expand its team and accelerate its technology.
Led by Kurtis McBride, CEO, and Tony Brijpaul, COO, Miovision provides the Scout Video Collection Unit, which was launched in 2011 to help collection firms, engineering firms and government agencies to analyze traffic data. Now, the company is turning its attention to cloud-based traffic management that will provide the foundation for smart city applications and directly improve traffic patterns and flow.
Founded in 2007 out of the Accelerator Centre at the University of Waterloo (UW) Research & Technology Park, Miovision currently serves more than 500 customers in 50 countries. Miovision is proud to have raised the majority of this financing from Canadian investors.
Previous equity investments totaled CAD $5.75m provided by Investeco Capital, Renewal Funds, MacKinnon, Bennett & Co. and a local angel network as well as private employee investments.