Award winning Irish digital visibility solutions provider CameraMatics has successfully raised a total of €3.9 million in additional growth funding from existing investors SVV, Puma and Enterprise Ireland. This funding round occurred at a valuation 90% higher than the valuation at the time of CameraMatics’ previous funding round less than 12 months ago in January 2021.
The proceeds of the funding round are expected to be used to expand CameraMatics’ sales and marketing teams and to help fund its global expansion and scale in line with the strong levels of growth that the company is experiencing.
CameraMatics has grown steadily since launching in Ireland in 2016 and its customer connections, which include some of the sector’s leading fleet operators, have increased significantly during the year. The company’s solutions are currently operating in tens of thousands of vehicles globally. CameraMatics has also reported that it has seen over a 160% growth in recurring revenue in the last 12 months and expects opportunities in its current pipeline to further accelerate its growth.
Pires has a combined direct and indirect interest of circa 20% in SVV, a venture capital fund focused on investing in the software technology sector with a specific focus on Artificial Intelligence, the Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data.
Commenting on the development Nicholas Lee, Director of Pires said: “We are delighted to note CameraMatics’ successful funding round, raising €3.9 million from existing investors at a substantially increased valuation compared with the company’s previous funding round less that 12 months ago. This clearly demonstrates the significant and rapid progress that this company is making and epitomises the strategy and potential of the SVV portfolio.”