Miovision, a Kitchener, Ontario, Canada-based smart traffic intersection company, received a $15M investment in the form of a convertible note.
Backers included MacKinnon, Bennett & Co. (MKB) and McRock Capital, and new investors BDC Capital and HarbourVest Partners. As part of the financing, Whitney Rockley, co-founder and Managing Partner at McRock Capital, has joined the Miovision board of directors.
The company intends to use the funds to accelerate global expansion of its open architecture smart city solutions.
Founded in 2005 by Kurtis McBride, CEO, Miovision is advancing technology based on open architecture to enable cities to connect smart intersections to other mobility solutions such as emergency vehicle preemption, which allows first responders to get priority access to intersections.
The company’s smart intersection solutions have been installed by more than 100 state transportation departments and city agencies in North America, while its AI-based video traffic data collection product has been used in over 17,000 municipalities globally.
Miovision, which previously closed a $30 million Series B round, led by MKB, in 2015, has offices in Kitchener, Canada and Cologne, Germany.