Canada-based Miovision, which produces software to analyse vehicle traffic, has secured C$30m ($23.8m) in a series B round backed by Plaza Ventures, the corporate venturing unit of real estate developer Plazacorp.
Financial services firm Comerica also participated in the round which was led by merchant bank MacKinnon, Bennett & Co led the round. Investeco Capital and Renewal Funds also joined.
Although Miovision had not disclosed previous rounds, it has revealed previous equity investments of C$5.75m as part of the series B funding news. The previous funding came from MacKinnon, Bennett & Co, Investeco, Renewal, as well as private and angel investors.
Launched in 2005, Miovision films intersections and converts the information into datasets of traffic flow. The technology allows transport authorities to understand the impact of changes such as new traffic-intensive buildings like shopping centres.
The company will use the funding to develop more products and hire more engineers.