CameraMatics, the IoT Fleet and vehicle safety technology specialist has successfully raised in excess of €4 million in a Series A investment round from a stellar consortium of investors led by Puma Private Equity, along with existing investors Sure Valley Ventures and Enterprise Ireland.
The funds will be used to support further expansion of the US branch of the business and drive forward the recent entry into the mainland European market. CameraMatics expects to create more than 50 jobs over the next two to three years in Ireland along with other roles in the UK, US and mainland Europe. The company also has an extensive roadmap for future product and software development.
Ideally placed in one of the world’s fastest-growing sectors, CameraMatics has grown steadily since launching in Ireland in 2016, and now boasts over 400 customers globally, including some of the sector’s leading and largest fleet operators. The company’s solutions are currently operating live in tens of thousands of vehicles globally – a number increasing daily. CameraMatics has seen a phenomenal 300% growth of recurring revenue in last 12 months despite some of the global challenges of the Covid-19 pandemic and expects this new investment and some of the exciting, large-scale opportunities in its current pipeline to further accelerate the business growth.
Continued product development and innovation are a key area for CameraMatics, and funds will also accelerate continued product development. The company’s customer-centric philosophy means all product development is driven by identifying the challenges customers experience with their fleets and developing high-quality solutions.
The CameraMatics SaaS-based full-stack platform is a modular software platform based on Camera Technology, Vision Systems, AI, Machine Learning and Telematics, combined with Fleet Safety modules enabling fleet operators to drive new safety standards across their fleet and drivers. By reducing accidents, improving operational efficiencies and managing compliance, it gives complete visibility and peace of mind for today’s challenges in fleet operations.
Announcing the investment, Mervyn O’Callaghan, CEO of CameraMatics said: “We are delighted with the support we have received from Puma Private Equity, Sure Valley Ventures and Enterprise Ireland. The funds will enable us to further capitalise on our position as a leader in the fleet safety technology industry in Ireland, the UK, USA – and beyond. IoT is the future and with the automotive IoT market growing significantly year on year we are now extremely well-placed to continue to expand our business and develop our software solutions.”
Jonathan Wyles, Investment Manager, Puma Private Equity, added: “We are extremely pleased to have closed this investment round for CameraMatics. They are leading the way in fleet safety technology solutions and this funding will enable them to strengthen their position in the global market. With the adoption of IoT solutions by the telematics industry accelerating, this investment will position the company to capitalise on the growing market opportunities globally. We look forward to supporting Mervyn, Simon and the CameraMatics team.”
Sure Valley Ventures Managing Partner Barry Downes stated: “This further funding will enable CameraMatics to develop its proven IoT fleet technology even more and to equip an even greater number of fleets, resulting in increased road safety, compliance with regulations and protection. It has been a privilege to support the CameraMatics team so far and we look forward to helping them to take their business to the next level.”