Investment firms continue to line up behind smart city technologies. Canadian company Miovision announced today that it has raised $15 million for smart intersection technology from a group of investors including Boston-based HarbourVest.
Miovision’s technology is already in use in 17,000 municipalities worldwide. Smart intersections use IoT sensor networks to collect data about how frequently traffic comes through a particular intersection. Mobility and transit sensors are growing in popularity among urban planners and city councils tasked with maintaining and adding new roadways.
Miovision offers its data collection on an open architecture so that it can be more easily used by cities and developers who study transportation. Other companies in this space include Streetlight Data which brings in aggregate and anonymized mobility information from a variety of sources instead of sensor networks.
Miovision’s largest shareholder MacKinnon, Bennett & Co. (MKB) and McRock Capital, anchored the round with new investors BDC Capital and HarbourVest Partners. As part of the financing, Whitney Rockley, co-founder and Managing Partner at McRock Capital, the first dedicated Industrial Internet of Things (IIoT) venture capital fund in Canada will join Miovision’s board. BDC Capital is a canadian bank focused solely on financing entrepreneurs. HarbourVest is a US based private equity firm that invests in technology and the Internet of Things.
Miovision says it plans to use the funding to expand its platform and bring on new cities.