A Kitchener-based, traffic-tech company has raised $260-million to grow its smart-city technology.
Miovision also announced it acquired Global Traffic Technologies (GTT), its fourth acquisition in 18 months, according to a Monday press release. In the past year and a half, the company has acquired Traffop, Rapid Flow and MicroTraffic.
"These acquisitions are helping Miovision rapidly add new applications that we can deliver via our network of devices at the roadside and intersection, reducing the upfront cost of deploying data-driven solutions that can help cities make their transportation networks safer and cleaner while supporting broader urban planning objectives," said Miovision CEO Kurtis McBride.
The funding was co-led by TELUS Ventures, Maverix Private Equity and Export Development Group, the release said.
"The challenges around urban mobility will be solved by data, not asphalt," said Mark Maybank, co-Founder and managing partner, Maverix Private Equity. "Miovision is developing a platform that is helping cities get smarter."
The company said it will use the funding for organic growth (internal operations) and inorganic growth (buying other businesses) and to increase investment in product development.
Tony Florio, director of communications with Miovision, said a portion of the funding was used to purchase Minnesota-based Global Traffic Technologies.
"They do emergency and transit traffic pre-emption," said Florio. "That means if an emergency vehicle needs to get to someone quickly, they can get a green light and they get there faster and they get there safer."
Miovision provides intelligent transportation solutions to help cities reduce traffic congestion and vehicle emissions while improving public safety.
The tech company is headquartered in Kitchener and has offices in the United States, Germany and Serbia.
