Telus Ventures, the venture capital arm of telecommunications firm Telus, led a C$120m ($91m) funding round for Canada-based traffic management software provider Miovision yesterday.
The corporate was joined by internet-of-things focused venture capital firm McRock Capital and undisclosed new and existing investors. Miovision has now raised more than $131m in total.
Founded in 2005, Miovision produces software that enables cities to manage traffic more efficiently by collecting and analysing smart traffic data. It also allows traffic signals to be managed more effectively in real time.
Telus Ventures will get two board seats at Miovision through its investment, which was made in connection with a partnership deal that will involve Telus becoming the company’s preferred wireless technology provider.
Rich Osborn, managing partner at Telus Ventures, said: “Telus is taking bold steps to improve the lives of Canadians by investing in smart city technology that will connect and empower municipalities to build stronger, safer communities.
“With our investment and Miovision’s technology, we can further advance our goal of enabling remarkable human outcomes for Canadians – and citizens around the world – by easing traffic congestion, reducing carbon emissions and making intersections safer for vehicles, cyclists and pedestrians.”
Merchant bank MacKinnon, Bennett & Co (MKB) led the company’s $24m series B round in 2015, investing together with financial services firm Comerica, Investeco Capital, Renewal Funds and Plaza Ventures, following $4.5m in earlier funding from MKB, Investco and Renewal Funds.
Miovision subsequently raised a further $11.8m from McRock Capital, MKB, BDC Capital and HarbourVest Partners in May 2018.
