Angel Investor Group Makes Going Abroad Possible for Local Start-Up
Miovision now employs close to 80 individuals, has over $4M in annual revenues, and 60+ global customers.
In 2010, members of the Golden Triangle Angel Network (GTAN) of Kitchener-Waterloo, Guelph and Cambridge catalyzed a significant round of capital investment totalling $1.1 million in Miovision, an automated traffic data collection systems supplier.
The significant investment provided by GTAN’s members has been valuable to the company’s performance, increase in staff and payroll, and ability to secure other investment opportunities.
In just six years since founding, Miovision opened its first European sales office in Cologne, Germany. Representatives of Miovision state that “without the support of GTAN, the significant expansion abroad would not have been possible.” The seven employees working at the Cologne site enhance Miovision’s communication with the European market in a much more efficient manner.
“It would have been difficult for us, fresh out of school, to have established Miovision in the way that we have without the investors we met through GTAN,” says Kurtis McBride, CEO of Miovision. “Not only did the GTAN provide the support we needed financially but, by presenting to a group of investors as opposed to having to seek them out individually, we were able to focus our time on developing our products and our business. This subsequently enabled us to go to market and see profits significantly sooner.”
Miovision is a developer of video and web-based technologies that target the inefficiencies faced by traffic consultants and municipal governments. Their automated count system aims to replace cost-intensive manual processes. The technology is complemented by an online data collection process, where the information can be managed and analyzed quickly. In 2005, Miovision became the first company to join the Accelerator Centre in Waterloo. Having started with only three employees, the company now employs close to 80 individuals, has over $4M in annual revenues, and 60+ global customers. Since 2010, Miovision has been the recipient of three awards: the Ontario Centre of Excellence ‘Mind to Market’ Award (2010), the Golden Triangle Angel Network ‘Company of the Year’ Award (2011), and the Waterloo Region Record ‘Top 40 Under 40’ Award (2011).
Golden Triangle Angel Network (GTAN) is an experienced group of private investors looking for dynamic entrepreneurs, dynamic products, and dynamic companies. GTAN helps accelerate companies in the Kitchener-Waterloo, Guelph and Cambridge region to become market leaders in their industry by bringing together investment experience and knowledge. GTAN is supported by Ontario’s Angel Network Program.