Traffic management startup Miovision has closed $36 million CAD for the second and final tranche of its latest funding round, bringing the total round to $296 million.
This latest injection comes six months after Miovision closed $260 million from Telus Ventures, Maverix Private Equity, and Export Development Canada (EDC). Telus, Maverix, EDC, McRock Capital, HarbourVest Partners, and BDC Capital’s Growth Venture Co-investment Fund invested in this latest tranche.
“We believe Miovision has the right solutions, the vision and the team to become a multi-billion dollar, Canadian-based global champion.”
Miovision, which has made four acquisitions in the last two years, said in statement it hopes to capture a “growing share” of the traffic management market. The company plans to use the new funding to fuel both organic and inorganic growth, which includes product development.
“Traffic is the number one or number two issue for municipal voters in a growing number of urban centres,” Mark Maybank, co-founder and managing partner of Maverix Private Equity, said in a statement. “We believe Miovision has the right solutions, the vision and the team to become a multi-billion dollar, Canadian-based global champion.”
Miovision uses a combination of computer vision, artificial intelligence (AI), and advanced analytics to help cities reduce traffic congestion and vehicle emissions. The Kitchener-Waterloo-based company has created both software and hardware aimed at helping communities remotely manage and track their traffic networks.
The first tranche of Miovision’s latest funding round came as the company announced its fourth acquisition of traffic management company, Global Traffic Technologies for $107 million USD. Earlier this year, Miovision also acquired Winnipeg-based MicroTraffic in 2023 shortly after its purchase of Pittsburgh-based Rapid Flow Technologies in 2022. Its first acquisition was of Arizona-based Traffop in 2021.
Miovision co-founder and CEO Kurtis McBride started the company after manually collecting traffic data for a summer job. As he sat in the midday heat, tabulating vehicles on a clipboard, it occurred to him that technology could significantly improve both the quality and quantity of traffic data that municipalities use to manage traffic and make important planning decisions.
Seeing an opportunity, Kurtis, and his friends and co-founders Tony Brijpaul and Kevin Madill (currently partner at Graphite Ventures) launched Miovision in 2005 aiming to modernize the way cities and towns measure, manage and optimize traffic.
Today, Miovision has offices in Germany, Serbia, and the United States. The company claims since 2005, its systems have detected over 30 billion vehicles and 1.5 billion pedestrians, assisting nearly 1,500 customers in 63 countries.
Feature image of CEO and co-founder Kurtis McBride courtesy Miovision.