Miovision, a Kitchener, Ontario, Canada-based smart traffic platform company, completed a $120 CAD million funding round.
The round was led by TELUS Ventures with participation from McRock Capital. As part of the investment, Telus will hold two positions on Miovision’s Board of Directors joining existing Board members, including: McRock’s Whitney Rockley, and early investors MacKinnon, Bennett & Co’s Ken MacKinnon and former BlackBerry Vice President, Strategic Alliances Chris Wormald.
The company intends to use the funds to continue to expand its business reach globally.
Established in 2005 by CEO Kurtis McBride, Miovision provides a computer vision, artificial intelligence and advanced modelling platform for cities across the globe to measure, manage, and optimize traffic congestion and safety.
As part of its investment, Telus will also become the preferred wireless provider for Miovision worldwide. Leveraging Telus’s dedicated IoT network, purpose-built for IoT connected devices, Miovision-equipped traffic signals will allow cities to remotely access, analyse, and action data generated at intersections.
With offices in Kitchener, Canada and Cologne, Germany, the company serves over 17,000 municipalities worldwide.