Miovision Raises C$120 Million to Accelerate its Vision to Build Tomorrow’s Smart Cities by Transforming the Way Traffic Networks are Managed Today

29 January 2020

ACE is proud to announce a new investment in Miovision into ACE’s Energy Efficiency strategy.  ACE participated in the Series C round of C$120m led by Telus Ventures. Existing investors include, HarbourVest Partners, BDC Capital, McRock Capital among others. The funding will go towards expanding Miovision’s team and accelerating the company’s vision of smart cities and cloud-based traffic management technology.

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. Miovision provides hardware and software solutions to data collectors, traffic engineers and public agencies to optimise urban traffic networks. The Company’s core products Scout & DataLink as well as TrafficLink provide a mix of data collection and analytic capabilities to over 1,000 customers across 85 countries. The Company has processed over 23 million hours of video and counted more than nine billion vehicles. To date, Miovision has accumulated the world’s largest video traffic data repository, which has allowed its AI to recognize the movement of vehicles, cyclists and pedestrians, and extract insights such as the length of travel time during rush hour and where jaywalking happens most frequently – and it does this in real-world conditions, such as snow, rain, fog, shadows and glare.

With the rise of IoT and technological advances in all aspects of modern life, there has been a major shift to “smart cities” all over the world. Citizens expect their daily interactions with city infrastructure to work in the same efficient and seamless manner as all other areas of modern life and are starting to insist on less traffic, on-demand city services, and accessibility for all. Miovision helps shape this vision into reality by putting cities back in control of their data and by providing the tools they need to achieve success.  Founded in a basement in 2005 by three University of Waterloo friends, Miovision began as a traffic solution company however the company’s continued approach to innovation and dedication to solving real-world problems has led the company to where it is today, helping cities achieve their smart city visions. Headquartered in Kitchener, Canada, with a European office in Cologne, Miovision aims to be the dominant traffic data collection solutions provider in the $60 billion Intelligent Transportation Systems (ITS) market.

The Miovision transaction was led by Pierre Festal and Ivan Ong at ACE & Company.

“The Miovision Team is at the forefront of innovation in traffic planning and operations and is establishing itself as one of the key players in the fast growing ITS market. We are delighted to support the Team in its growth plans as they continue to strengthen their product and look to expand into new geographies. This transaction is a very strong fit with ACE Energy Efficiency’s theme of Smart Cities and Mobility”

Pierre Festal, Portfolio Manager at ACE & Company

You can read more about the investment here:

The official Press Release