AC graduates Miovision and Cross Chasm have landed $1.8 million in clean technology funding.
The announcement of the funding made today onsite at Cross Chasm by the Honourable Diane Finley, Minister of Public Works and Government Services on behalf of the Honourable Greg Rickford, Canada’s Minister of Natural Resources. The funding was provided through Sustainable Development Technology Canada’s (SDTC) SD Tech Fund™ in support of two transportation projects that will further the Government of Canada’s goal of creating and protecting jobs and opportunities.
Through SDTC, Miovision is receiving $1.8 million for the development of a traffic system that is capable of observing and analyzing real-time traffic conditions to optimize traffic flow and reduce idling, a technology that could potentially reduce travel time by more than 20 percent.
Cross Chasm is also benefiting from a $430,000 funding round directed to the development of a smart-charging system that will better predict and accommodate the energy needs of the growing plug-in electrical vehicles market.
Miovision, founded in 2005 was the first graduate of the Accelerator Centre’s world-class incubation program. The company also announced today a $30M funding round to expand its business operations and product lines. Cross Chasm, founded in 2007 by University of Waterloo engineering grads Matt Stevens and Chris Mendes, graduated from the Accelerator Centre in 2012. In 2013, the company’s mobile app, MyCarma, won the popular choice grand prize in Apps for Vehicle Challenge, sponsored by the US Department of Energy.
You can read the full announcement details here.