Miovision, a Canadian artificial intelligence (AI) traffic management technology development company, has regained $15 million in funding to help accelerate the promotion of open architecture smart city systems worldwide.
According to reports, Miovision pointed out that the investors include the largest shareholder MacKinnon, Bennett & Co. and McRock Capital, and the new investors include BDC Capital and HarbourVest Partners. McRock Capital founder Whitney Rockley will join the Miovision director after the event.
Miovision, an intelligent traffic intersection technology development company, was founded in 2005 by three researchers at the University of Waterloo. The company also received a second round of funding of $30 million from MKB. Since its inception, Miovision has been camping every year. The income will grow by 50%.
Miovision's intelligent intersection management system has been adopted by more than 100 state government transportation and urban units in North America, and its AI-based image traffic data collection products are used in more than 17,000 cities worldwide.
This investment will help Miovision to expand the smart intersection technology into more global smart cities into transportation planning and operations. Because the technology is based on an open architecture, the city can make the intersection a backbone of strategy, and the open architecture of the platform can easily link smart intersections to other transportation systems, such as emergency vehicles.
Miovision CEO KurTIs McBride said that most of the intersections use technology decades ago. The company is able to re-paint crossroads with modern computing power and AI's progress and open architecture, allowing modern smart intersections to understand and adapt. A rapidly changing urban street environment.
MKB partner Ken MacKinnon also said that Miovision's business is based on data, with better data, allowing cities to have more information to maximize the transportation network and reduce congestion and pollution while keeping intersections safe.
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