For immediate release
August 10, 2011
Kitchener, Ontario – Miovision Technologies is one step closer to bringing its new traffic planning tools to market, thanks to a $922,500 federal investment announced today by Harold Albrecht, MP for Kitchener-Conestoga, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"Our government continues to support innovative projects to ensure that communities and businesses in southern Ontario can continue to grow now and in the future," said MP Albrecht. "This investment in Miovision will help them to develop and market a new brand of traffic management technology aimed at reducing traffic congestion and improving road safety."
Miovision offers video and web-based data collection tools to traffic planners around the world, which allow them to better optimize traffic flow, reduce emissions and improve travel times. This repayable contribution from FedDev Ontario's Investing in Business Innovation will support the development and testing of a new product line for improving the efficiency of traffic circulation. The increase in product marketability is expected to attract investment from Angel networks and to better position Miovision as leader in the traffic management industry.
"The Investing in Business Innovation funding will allow us to hire the people we need to accelerate our growth, and we are looking to add an additional 15 engineers to our team," said Miovision Technologies CEO and co-founder Kurtis McBride. "This program will really help us deliver on our product roadmap and fuel our competitiveness in the global market."
Investing in Business Innovation is a direct result of feedback from business leaders, academics and community leaders from across southern Ontario, who suggested FedDev Ontario take a leadership role in encouraging entrepreneurs and investors to take the risks necessary to put southern Ontario businesses on the map.
FedDev Ontario was created as part of Canada's Economic Action Plan to support businesses and communities in southern Ontario. Now in its second year of operation, the Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to support businesses and other organizations through partnerships and investments in skills and training; innovation; research and development; and increased productivity. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.
Kitchener's Miovision Technologies was founded by three University of Waterloo engineering graduates in 2005. With over 220 customers in 18 countries, their portable video equipment has revolutionized traffic data collection around the world by replacing pen and paper road side surveys, with computerized traffic reports.
FedDev Ontario is providing Miovision Technologies with a repayable contribution of up to $922,500 to allow the company to complete its research and development on a new video-based product line intended for vehicle traffic assessment to ultimately improve traffic safety and reduce emissions. More information is available at www.miovision.com
The Government of Canada is committed to creating jobs and making Canada's economy more robust, diversified and competitive. The government seeks to provide Canadian businesses with the tools and advantages they need to prosper and create jobs and economic growth in today's modern economy.
FedDev Ontario is focusing on a portfolio of early-stage businesses that are recognized by the investor community as having the potential for high-growth and a net long-term economic benefit for southern Ontario.
In keeping with these objectives, $190 million will be invested up to March 31, 2014 to FedDev Ontario's Investing in Business Innovation program, which will help start-up businesses in the region thrive and grow.
The program will:
- Provide improved access to financing for start-up businesses
- Boost private sector investment in start-up businesses
- Help accelerate the research and development of new products and ideas and bring them to the marketplace
Applications for funding are being accepted and assessed on an ongoing basis. For more information and to apply, please refer to the program guidelines available on the FedDev Ontario web site at www.feddevontario.gc.ca.
