Rapid Flow Technologies Inc., a Pittsburgh-based adaptive traffic signal control startup, has been acquired by Miovision, an industry peer that is based in Ontario, Canada.
The companies did not disclose the financial terms of the transaction.
First founded in 2006 by CEO Griffin Schultz, CTO Gregory Barlow and Chief Scientist Stephen Smith, Rapid Flow's tech used real-time traffic data to better optimize the signal timing of traffic lights via its Surtrac adaptive traffic signal control system. The tech supported all traffic signal controller types and claimed to reduce time spent waiting at signals by 40% while reducing overall travel times by 25%, among other feats.
Rapid Flow and Miovision had worked together prior to the deal. Now the two entities will be one.
"Our team is looking forward to joining Miovision," Barlow said in a prepared statement. "Our long partnership with Miovision has proven to us that their platform provides the kind of high-quality traffic data that makes Surtrac most effective and integrations seamless. As a part of Miovision, we are in the best position to bring a full-featured, truly adaptive solution to even more customers."
Surtrac has been installed at 350 intersections across the U.S. and Canada. Rapid Flow's Pittsburgh office will become Miovision's fifth global outpost.
According to the Pittsburgh Business Times' July 2022 list of the region's largest robotics and AI companies, Rapid Flow placed as the No. 43 largest and employed nine workers.
