Miovision Technologies, a fast-growing Kitchener company that develops technology for monitoring and controlling traffic signals, has secured $30 million in financing.
“We are pretty happy with the outcome,” chief executive officer Kurtis McBride said in an interview. “We have our sights set on being one of Canada’s iconic technology companies in the not-so-distant future.”
The “Series B” financing round, announced Wednesday, was led by MacKinnon, Bennett & Co., with participation from Investeco Capital, Renewal Funds, PlazaCorp Ventures and Comerica. It is among the biggest rounds of financing for a technology company in Waterloo Region, and is significant because most of the funds were raised in Canada.
Miovision was founded in 2005 by McBride and fellow University of Waterloo systems design engineering graduates Kevin Madill and Tony Brijpaul. It was the first startup to graduate from the Accelerator Centre incubator in Waterloo. The company’s sales have been growing between 60 and 80 per cent a year for the past six years. It will be hiring more staff to meet the increased demand expected with the pending launch of the new smart intersection technology.
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