Kitchener-based traffic company Miovision scores $15M in investments

Miovision Technologies, a traffic tech company based in Kitchener, received $15 million in investments from four organizations.

Investment comes after $1.5 million from province announced in January

Kurtis McBride, CEO and co-founder of Miovision, says the company is working to reimagine street intersections with advancements in artificial intelligence. He spoke on the artificial intelligence panel at University of Waterloo early April. (Flora Pan/CBC)

Kitchener-based traffic tech company Miovision Technologies just raised another $15 million from four investors to expand their work on "smart intersections."

Miovision, which was started by University of Waterloo alumni, uses artificial intelligence and video traffic data to build intersections that are "smart," meaning they can change according conditions on city streets. For example, intersections could allow certain types of vehicles through intersections faster, such as emergency response vehicles.

The four investors include two organizations that have made renewed investments and two new investors based in Toronto — BDC Capital and HarbourVest Partners.

David Zug, principal at HarbourVest Partners, said in a release that Miovision's technology can benefit all types of road users, from cyclists to bus drivers, and they're looking forward to seeing those ideas realized.

The $15 million in funds come in the form of a convertible note, which is a loan that is structured to later convert to equity.

In January, the company announced they received $1.5 million from the province to create 275 new jobs in Waterloo region, which allowed Miovision to obtain $13.5 million in private investments.

The company moved to a larger facility on Glasgow Street, last year to accommodate growing staff numbers.