Miovision has closed $15 million new round of bridge financing led by McRock Capital with the participation of Miovision’s largest shareholder MacKinnon, Bennett & Co. (MKB), and new investors BDC Capital and HarbourVest Partners.
In connection with the financing, Whitney Rockley, co-founder and managing partner at McRock Capital, has joined the Miovision board of directors.
The financing, which comes in the form of a convertible note into a significantly larger round, will help Miovision weave its smart intersection technology even deeper into the fabric of smart cities.
Founded in 2005, Miovision previously closed a $30 million Series B equity and debt round of financing led by MKB in 2015. Since inception, the company has achieved a revenue CAGR of over 50%.
Miovision investors also include Renewal2 Fund and Investeco Capital.
photo credit: Miovision
Miovision Closes $15 Million Investment
Leading smart traffic intersection company raises convertible notes as a precursor to a larger financing round to accelerate the global expansion of its open architecture smart city solutions
KITCHENER, Ontario – May 7, 2018 – Miovision, a leader in smart traffic intersection technology, today announced it has raised $15 million from a syndicate including Miovision’s largest shareholder MacKinnon, Bennett & Co. (MKB), and McRock Capital, which led with new investors BDC Capital and HarbourVest Partners.
As part of the financing, Whitney Rockley, co-founder and managing partner at McRock Capital, the first dedicated Industrial Internet of Things (IIoT) venture capital fund, has joined the Miovision board of directors.
The financing, which comes in the form of a convertible note into a significantly larger round, will help Miovision weave its smart intersection technology even deeper into the fabric of smart cities. As the technology is based on open architecture, cities are able to make intersections the backbone of their mobility strategy. Open architecture makes it easy to connect smart intersections to other mobility solutions such as emergency vehicle preemption, which allows first responders to get priority access to intersections.
“Most intersections today use decades-old technology that restricts cities from truly innovating,” said Kurtis McBride, CEO and co-founder of Miovision. “We’re completely reimagining the intersection from the ground up to take advantage of modern computing power, advances in artificial intelligence and open architecture. The result is a smart intersection that can understand and adapt to the constantly changing conditions of city streets.”
Miovision’s smart intersection solutions have been installed by more than 100 state transportation departments and city agencies in North America, while its AI-based video traffic data collection product has been used in over 17,000 municipalities globally.
“Rapid urbanization is a global phenomenon that is driving the need for connected and intelligent smart cities,” said Rockley. “Miovision has created the digital traffic intersection that enables real-time adaptive traffic control and infrastructure communication with connected cars, emergency response vehicles, public transit, pedestrians and cyclists. These will be critical functions in cities of the future.”
Founded in 2005, Miovision previously closed a $30 million Series B round, led by MKB, in 2015. Since inception, the Company has achieved a revenue CAGR of over 50%.
“Miovision’s business has been built on data” said Ken MacKinnon, Managing Partner of MKB. “With better data, cities have more information to optimize a traffic network to minimize congestion and emissions while making intersections safer for all. Data is incredibly valuable and Miovision is working to ensure cities benefit from it. We’re proud to help Miovision continue to innovate around smart cities.”
“We’ve been watching Miovision’s growth for years, so it’s especially exciting for us to participate in this investment and contribute to the company’s ability to continue that growth trajectory,” Phil Anzarut, Partner for Co-investments at BDC.
“Miovision’s technology accounts for every type of user on the road – whether it’s a commuter awaiting the green light to make a left turn, a cyclist that needs more time to clear an intersection, or a bus that needs a green light to get back on schedule and responds accordingly,” said David Zug, Principal at HarbourVest Partners. “We see significant promise in this technology and look forward to seeing Miovision realize their vision.”
Miovision is helping build tomorrow’s smart cities by transforming the way traffic networks are managed today. Backed by the world’s most advanced traffic AI, Miovision’s innovations in traffic planning and operations have made it possible for cities to improve the transportation experience for drivers, cyclists, and pedestrians since 2005. With offices in Kitchener, Canada and Cologne, Germany, Miovision serves over 17,000 municipalities worldwide. For more information, visit www.miovision.com.
About McRock Capital
McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital fund focused on the intersection of sensors and software in smart cities and large industrial markets. The McRock team has a unique background of building high-growth venture-backed IIoT companies while also having worked in the power, water, oil and gas industries. McRock is backed by several leading institutional investors as well as Cisco Systems, Électricité de France (EDF), and Caterpillar. Visit www.mcrockcapital.com and follow on Twitter @McRockCapital.
About MacKinnon, Bennett & Co.
MKB is an independent Montreal-based private investment firm that provides growth capital to companies at the forefront of innovation in the energy, transportation and smart city sectors. MKB applies a pro-active, hands-on approach to investing, taking significant minority positions in its portfolio companies and assisting management teams in reaching their full potential by providing in-depth strategic and financial advice. For more information, visit www.mkbandco.com.
About BDC Capital
BDC Capital is the investment arm of BDC—Canada’s only bank devoted exclusively to entrepreneurs. With $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.
About HarbourVest Partners
HarbourVest is an independent, global private markets asset manager with more than 35 years of experience and more than $49 billion in assets under management. The Firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in commingled funds or separately managed accounts. HarbourVest has more than 400 employees, including more than 100 investment professionals across Asia, Europe, and the Americas. This global team has committed more than $32 billion to newly-formed funds, completed over $18 billion in secondary purchases, and invested over $7 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, actionable insights, and proven results. For more information, visit www.harbourvest.com.
The Dialog Lab, on behalf of Miovision