Kitchener-based SaaS startup Miovision has acquired Pittsburgh tech company Rapid Flow Technologies for an undisclosed amount.
Rapid Flow represents Miovision’s second acquisition of a traffic management software provider, following its acquisition of Arizona firm Traffop in July last year.
Miovision touts its systems have detected over 30 billion vehicles and 1.5 billion pedestrians.
Using real-time traffic data, Rapid Flow provides an adaptive traffic signal control system to optimize signal timing. The company noted its Surtrac offering can support all traffic signal controller types and accounts for all modes of travel to keep vehicles, cyclists, pedestrians, and transit moving safely.
Surtrac can also help reduce travel times by 25 percent, time spent waiting at a signal by 40 percent, and stops by 30 percent, according to Rapid Flow. Additionally, fewer stops and acceleration can reduce vehicle emissions by 20 percent.
Rapid Flow co-founder and CTO Greg Barlow said Miovision proved that its platform can provide the kind of “high-quality traffic data that makes Sutrac most effective” through its long partnership with the company.
The partnership was first announced in September 2021, through which Miovision became the exclusive Canadian solution provider of Sutrac. This collaboration involved integrating Rapid Flow’s Surtrac product and Miovision’s TrafficLink system to efficiently create a plan for moving people through intersections.
Founded in 2005 by Kurtis McBride, Tony Brijpaul, and Kevin Madill, Miovision uses a combination of computer vision, artificial intelligence (AI), and advanced analytics to help cities reduce traffic congestion and vehicle emissions.
Miovison’s TrafficLink enables municipalities to remotely manage and track their traffic networks. In addition to TrafficLink, Miovision’s product suite also includes a portable camera-based traffic data collection device named Scout; as well as Traffop, a software solution that collects traffic data from existing signal infrastructure to provide actionable insights.
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Since its inception, Miovision touts its systems have detected over 30 billion vehicles and 1.5 billion pedestrians. It has a client base of nearly 1,500 across 63 countries.
Miovision has made several additions to its executive team over the past year, including a new president, chief revenue officer, chief financial officer, and a vice president of corporate strategy.
In 2018, Miovision received a $1.5 million investment from the Ontario government and raised $15 million in a round led by MacKinnon, Bennett & Co. and McRock Capital. Miovision also secured $120 million CAD in 2020, and $30 million in Series B funding in 2015.
The traffic management startup’s other backers include BDC Capital, Telus Ventures and HarbourVest Partners.
According to Miovision, Rapid Flow’s team will join Miovision and its Pittsburgh head office will become Miovison’s fifth global location. In addition to its headquarters in Kitchener, Miovision also has offices in Germany, Serbia, and the United States.
Featured image from Paul MARSAN via Unsplash.