Miovision, a smart city-focused startup, has raised $120 million CAD in a funding round led by Telus Ventures.

The round also saw participation from a syndicate of investors led by previous investor McRock Capital. The syndicate reportedly consists of new investors and existing investors who “chose to increase their support for the company.”

Miovision plans to use its new-found capital to “accelerate” the growth of its smart traffic platform.

The Kitchener-based company originally did not disclosed the type of funding round that it considers the $120 million to be, but in 2015 raised a $30 million Series B round. A spokesperson for Miovision clarified to BetaKit that Miovision considers this a Series C round meant to “focus … on scaling the company [and] growing as quickly and as successfully as possible.”

According to The Globe and Mail, the $120 million financing includes $100 million in equity and $20 million in debt financing, which BetaKit has since confirmed.

Notably, not all of the $120 million in this Series C round represents new capital for the startup. In spring 2018, Miovision closed a $15 million convertible note led by MacKinnon, Bennett & Co. (MKB) and McRock Capital. At the time, Miovision noted that the convertible note was intended to be part of a larger equity round at a future date.

Without disclosing the amount, Miovision’s spokesperson explained to BetaKit that “the majority of this funding round represents new money to Miovision.” A portion of the $120 million also represents an exit for some of Miovision’s early investors, with other existing investors increasing their equity positions in Miovision through the round.

Founded in 2005, Miovision is an urban-tech startup that runs a smart traffic platform to help cities “modernize” existing traffic signals. The idea behind the company, which launched the platform in 2017, is to transform the way traffic networks are currently managed.

Miovision plans to use its new-found capital to “accelerate” the growth of its smart traffic platform and hire employees in order to develop new products. The startup currently has an office in Kitchener and Cologne, Germany. It claims to be operating in more than 17,000 municipalities around the world.

Telus Ventures is also acting as a strategic investor for the round, with Telus becoming the preferred wireless provider for Miovision globally. Telus Ventures is also gaining two positions on Miovision’s board of directors, which currently consists of Whitney Rockley of McRock Capital, Ken MacKinnon of MKB, and Balckberry’s VP of strategic alliances, Chris Wormald.

Miovision co-founder and CEO Kurtis McBride is also the co-founder and managing partner of Catalyst Capital, alongside Amber French of Verity Financial Canada. The firm was created by the pair in 2019 with the goal of connecting investors to technology and real-estate opportunities in the Kitchener-Waterloo region.

Catalyst Capital currently names amongst its portfolio two technology investments, Meddo Technologies and Miovision, as well as a real estate investment in Catalyst137, an accelerator and office space provider located in Kitchener.