Substantial deal signals accelerating demand for AI-powered transportation solutions
You read it right–no need to get your vision checked. $260M in growth funding for Miovision in a round co-led by Export Development Canada (EDC), Maverix Private Equity and TELUS Ventures. Plus the acquisition of Global Traffic Technologies to add new applications to the portfolio for even safer and cleaner transportation networks.
Deals like this aren’t happening every day. When they do, it’s a signal to the market that the innovations behind Miovision’s growing enterprise are making a positive impact on modern life. McRock co-founder Whitney Rockley will continue to sit on the Miovision board to support the organization’s vision for delivering data-driven solutions for urban planners
GTT’s Opticom product line is a market-leading emergency pre-emption and traffic signal priority solution that will integrate seamlessly with Miovision’s platform to accelerate development and continual improvement of priority control solutions for transit and emergency responders. How? The AI software that drives Opticom can reduce emergency response times by up to 25 percent and emergency vehicle crashes at the intersection by up to 70 percent all while improving the on-time efficiency of public transit. Wow.
This acquisition–$107 million to previous owner Vontier Corporation–follows other recent acquisitions including Traffop, Rapid Flow and MicroTraffic, and further fuels Miovision’s momentum in the marketplace. Each new application helps them deliver via their network of devices at the roadside and intersection, reducing the upfront cost of deploying data-driven solutions that can help cities make their transportation networks safer and cleaner while supporting broader urban planning objectives.
Looks like nothing but green lights ahead for these folks. We can’t wait to see where they go next.