SOURCE: Miovision

Miovision

February 11, 2015 08:00 ET

Miovision Raises $30 Million in Financing to Accelerate Smart Cities Vision

Investment Will Fuel Deployment of Cloud-Based Traffic Management

KITCHENER, ON--(Marketwired - Feb 11, 2015) - Miovision, a global leader in traffic systems technology, today announced it has completed a $30 million CAD ($24 million USD) Series B financing transaction led by MacKinnon, Bennett & Co. with participation from Investeco Capital, Renewal Funds, Plaza Ventures and Comerica. The funding will help Miovision expand its team and accelerate its vision of smart cities and cloud-based traffic management technology.

"Miovision is transforming the way innovative cities take advantage of cloud technology to make intersections smarter and safer," said Kurtis McBride, CEO of Miovision. "No one likes traffic congestion, but intersections can be hard to manage, and cities have struggled to address this problem. With this investment, we are well positioned to deliver affordable, high-impact solutions to cities around the world."

Over the past eight years, Miovision has developed technologies to bring outdated urban infrastructure into the 21st Century. The company's Scout Video Collection Unit, launched in 2011, has transformed the efficiency and effectiveness of traffic studies by analyzing more than 1.5 million hours of data for traffic data collection firms, engineering firms and government agencies. Now, Miovision is turning its attention to cloud-based traffic management that will provide the foundation for smart city applications and directly improve traffic patterns and flow.

The rise of cloud-based traffic management

Transportation officials are transitioning from the idea that new construction and more capacity is always the answer to traffic challenges. They are increasingly looking for better data, monitoring and management of existing infrastructure, and they are turning to modern, peripheral sensors and cameras to collect that data.

"Cities recognize that technology can improve the lives of their residents, but they are barely scratching the surface of what is possible in terms of traffic," said Tony Brijpaul, COO of Miovision. "Technology has thrived in areas like law enforcement and public safety, but there is still an epidemic of cities struggling with fast growth and gridlock. Miovision will deliver the best technology to modernize traffic management systems while providing top value for taxpayers and keeping citizens productive."

By leading a global transportation IT market set to reach $151 billion by 2018, according to Gartner,1 Miovision will continue to empower transportation professionals to improve the driving experience for everyone, through data and infrastructure.

"The lack of innovation in traffic management really bothers us," McBride said. "There has been a lot of talk around how smart cities and the Internet of Things are going to change the world of transportation. We are proud to have steered clear of the hype and instead have quietly worked on meaningful solutions to the real problems our customers -- and in turn all citizens -- face."

Canadian investors lead the way

Founded in 2007 out of the Accelerator Centre at the University of Waterloo (UW) Research & Technology Park by three UW engineering graduates, Miovision has grown rapidly to serve more than 500 customers in 50 countries. Now based in neighboring Kitchener, Ontario, Miovision is proud to have raised the majority of this financing from Canadian investors.

"We are delighted to support the management of Miovision in its growth plans; this transaction puts Miovision in a strong position to continue to provide its rapidly-growing customer list with innovative, best-in-class traffic management solutions," said Kenneth MacKinnon, CEO of MacKinnon, Bennett & Co.

"At a time when it seems like a lot of companies are looking south for funding, we intentionally sought investments from Canadian sources," McBride said. "It's encouraging to see that the Canadian investment community can act in as bold a fashion as they have."

Previous equity investments totaled $5.75 million CAD. Early growth capital was provided by Investeco Capital, Renewal Funds, MacKinnon, Bennett & Co. and a local angel network as well as private employee investments.

About Miovision Technologies

Miovision is a technology company that empowers transportation professionals, through data and infrastructure, to improve the transportation experience. With over 500 customers in 50 countries across the world, Miovision provides meaningful solutions to real challenges facing today's traffic systems. For additional information about Miovision, visit www.miovision.com.

1 "Forecast: Enterprise IT Spending for the Transportation Market, Worldwide, 2012-2018, 1Q14 Update," Gartner, Venecia K. Liu & Rika Narisawa, 10 April 2014

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