Alumni at Miovision raise $30 million to fuel growth

Friday, February 13, 2015

Tony Brijpaul and Kevin Madill stand from left to right beside a traffic light inside their office

Miovision, a Kitchener-based company founded by systems design engineering graduates announced the closing of $30 million CAD in their Series B financing round earlier this week. The investment will help expand the company’s workforce and accelerate their vision of smart cities and cloud-based traffic management technology.

From humble beginnings as a startup in the  Accelerator Centre, Miovision has grown rapidly since 2007.  The Kitchener headquarters holds a team of 75 staff, plus they have an office in Germany to support customers in Europer and the middle east. Currently serving more than 500 customers in 50 countries, the new funds will allow them to grow strategically and achieve the company's vision.

“Miovision is transforming the way innovative cities take advantage of cloud technology to make intersections smarter and safer,” said Kurtis McBride, CEO of Miovision (BASc '04 and MASc '07, Systems Design). “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Over the past eight years, Miovision has developed technologies to bring outdated urban infrastructure into the 21st Century.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 traffic data collection. Next, the company will shift their focus to cloud-based traffic management to further improve traffic patterns and flow around the globe.

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 (BASc '04, Systems Design), 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.”

Canadian investors recognized the market potential, as Montreal based firm, McKinnon, Bennett and Co., led the transaction with participation from Investeco Capital, Renewal Funds, Plaza Ventures and Comerica.

“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.”

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.

Wired article: "This startup's video tech counts cars to eliminate traffic hell."

Communitech news: "Miovision raises $30M to expand traffic management platform."

Techvibes article: "Miovision raises $30 million to accerate smart cities vision."

Miovision news release: "Miovision raises $30 million in financing to accelerate vision."