Miovision, a leading provider of intelligent transportation solutions, has raised $260M in growth funding in a round co-led by TELUS Ventures, Maverix Private Equity and Export Development Canada.
The funding will allow Miovision to rapidly add new applications to its platform, reducing upfront costs for data-driven solutions that assist cities in improving transportation networks while supporting urban planning objectives.
According to CEO Kurtis McBride, the investment will enable Miovision to continue to develop its platform and quickly integrate new acquisitions, including Global Traffic Technologies (GTT), and build on the company’s momentum from its previous acquisitions of Traffop, Rapid Flow and MicroTraffic over the last 18 months.
The company is located at Catalyst 137 in Kitchener, one of Waterloo’s urban communities, which specializes in supporting Internet-of-Things (IoT) businesses. With the new funding, Miovision plans to accelerate organic and inorganic growth initiatives and increase investment in product development.
Committed to the future of urban mobility
Upon today’s announcement, TELUS Ventures, Maverix Private Equity and Export Development Canada expressed their admiration for Miovision’s growth strategy and its impact on urban mobility.
TELUS Ventures aims to leverage its 5G network and Miovision technologies for intelligent traffic and connected vehicle solutions, contributing to safer, greener and more efficient cities.
Maverix Private Equity emphasized the importance of data in solving urban mobility challenges and commended Miovision for enabling smarter cities with greater safety, reduced transit times and cost efficiencies.
Export Development Canada acknowledged Miovision as a strong Canadian growth story in urban mobility and recognized the company’s contributions to creating safer, greener and less congested streets worldwide.
Read the full press release to learn more.
Why companies grow in Waterloo
Miovision is just one of the many companies in the Waterloo tech ecosystem to announce major funding rounds or acquisitions in recent years. This impressive list includes companies such as Faire, ApplyBoard, eSentire, Arctic Wolf and OpenText.
Waterloo has become a preferred destination for companies looking to grow, thanks to our exceptional tech talent. The University of Waterloo is a global top-25 tech school and CBRE has recognized Waterloo as North America’s #1 small tech talent market.
Our ecosystem supports companies at each step of their growth journey and organizations like Waterloo make it easy – from starting the process to settling into our community. In the past year alone, we’ve assisted with substantial investments from companies such as EPAM Systems, MasterClass and Constant Contact.
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