Edmonton-founded Intelligent Imaging Systems (IIS), and its sister company, Drivewyze, have announced a $7.5 million round of funding led by Emergence Capital Partners and iNovia Capital.
Today's announcement is iNovia's second syndicated deal with Emergence Capital. Toronto's Top Hat closed an $8 million Series A financing round led by the two firms one year ago.
Founded in 2003 in Edmonton, IIS is a leading road safety technology innovator. The company launched Drivewyze in 2012 as a standalone division to market a new mobile-based weigh station bypass system for commercial truck operators.
Fleets with good safety scores can use Drivewyze PreClear to “bypass” weigh stations up to 98 percent of the time, avoiding costly inspection delays. The ROI for using the service is one of the best in the trucking industry.
The Series A funding will be used for sales and marketing expansion of the Drivewyze PreClear wireless weigh station bypass service, as well as new product development.