BetaKit – Miovision Closes $15 Million Convertible Note with Plans for Larger Equity Round

Article via BetaKit – Kitchener-based Miovision has raised $15 million in a round led by MacKinnon, Bennett & Co. (MKB) and McRock Capital, with participation from new investors BDC Capital and HarbourVest Partners.

The funding is structured as a convertible note, with the intention that it will be part of a larger equity round at a future date. The company’s last funding round was a $30 million Series B in February 2015 led by MKB, Investeco Capital, Renewal Funds, Plaza Ventures, and Comerica. In February 2018, Miovision raised $1.5 million from the Ontario government to move into Catalyst137, a 475,000 square feet hub dedicated to IoT. Miovision’s CEO, Kurtis McBride, was among the initial leaders behind its creation.

Miovision also worked with the Canadian government to build the Smart Cities Challenge, which has a $50 million top prize for municipalities.

Read the full article here.

Posted by Melissa Durrell on May 14, 2018

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