McRock and EDC co-lead growth financing in traffic tech visionaries
In case it wasn’t obvious after the initial financing round in 2018, or the second in 2020, here’s a third round to prove how much we love Miovision. We’re co-leading a $15 million growth financing round with Export Development Canada to facilitate an acquisition for Miovision that will extend its traffic management capabilities.
And what a smart acquisition it is. The deal was announced today–Miovision has acquired Pittsburgh, PA-based Rapid Flow Technologies. Rapid Flow is the market’s technology leader in adaptive traffic signal control. This is right up the Miovision alley! The technology uses real-time traffic data to optimize signal timing, adapting to real-world conditions. Their Surtrac adaptive traffic signal control system can support all traffic signal controller types to optimize traffic signal timing, second by second, while accounting for all modes of travel, keeping vehicles, cyclists, pedestrians and transit moving and safe.
It’s not a new relationship. Surtrac adaptive is installed at 350 intersections, including installations integrated with Miovision TrafficLink in Peterborough, Ontario and Quincy, Massachusetts. Rapid Flow’s team, including co-founder and co-inventor of Surtrac, Greg Barlow, will join Miovision and their Pittsburgh location will become Miovision’s fifth office globally.
McRock Co-founder and Managing Partner Whitney Rockley will also continue to serve on the Miovision Board of Directors and HarbourVest Partners–an existing investor and McRock Limited Partner–also participated in the round. Clearly they are smitten with Miovision, too.
And who can blame us? Have you been paying attention to what these folks are doing with digital modelling and AI to address modern transportation issues? Their technology analyzes traffic video feeds and generates accurate data on road use by vehicles, bikes and pedestrians. They use this data to optimize traffic signal networks, operation and timing, and support urban planning, helping reduce congestion and improving the transportation experience for all road users.
The best part? It’s also part of a bigger strategy to reduce greenhouse gas emissions by carbon-fueled vehicles and limit the harmful effects of climate change. We wrote a whole thing about it in our Responsible Investment Report Highlights. If you haven’t already read it, do it now. You’ll get a fuller appreciation for the Miovision love-fest as well as gleaning insight into how and why we are committed to investing The Right Way.