Miovision, a Canadian company using computer vision, artificial intelligence, and advanced modeling to help cities modernize their approach to traffic management, completed a CAD$120 million minority funding round led by TELUS Ventures.
The TELUS Ventures investment was supported by a syndicate of investors led by McRock Capital – which invests exclusively in industrial IoT companies – and includes both new investors and existing investors who chose to increase their support for the company.
As part of its investment, TELUS will also become the preferred wireless provider for Miovision worldwide. Leveraging TELUS’ dedicated IoT network, purpose-built for IoT connected devices, Miovision-equipped traffic signals will allow cities to remotely access, analyze, and action data generated at intersections.
“TELUS is taking bold steps to improve the lives of Canadians by investing in Smart City technology that will connect and empower municipalities to build stronger, safer communities,” said Rich Osborn, Managing Partner, TELUS Ventures.
“With our investment and Miovision’s technology, we can further advance our goal of enabling remarkable human outcomes for Canadians – and citizens around the world – by easing traffic congestion, reducing carbon emissions and making intersections safer for vehicles, cyclists and pedestrians.”
The company plans to use the new funds to accelerate its growth, expand its business reach globally, and hire more than 100 new employees in 2020.
Miovision was established in 2005, bringing to market a portable product that gathers and analyses traffic data. In 2017, Miovision launched a smart traffic platform allowing cities to modernize their existing analog traffic signals by adding connectivity and video-based, multimodal traffic measurement, and analysis.
The company’s products and services help cities better understand, manage, and optimize traffic; reduce congestion and emissions; while improving traffic safety. Its products have processed more than 23 million hours of traffic video, counting more than nine billion vehicles in the process.
RBC Capital Markets acted as exclusive private placement agent for Miovision in this round of investment. The latest minority funding round brings the company’s total funding to date to over $165 million.