CameraMatics, an Irish Internet of things (IoT) fleet and vehicle safety technology specialist, aims to raise €15 million-€20 million in funding this year.
The company closed 2021 by drawing down €3.9 million in additional growth funding from existing investors Sure Valley Ventures, Puma Investments and Enterprise Ireland at a substantially increased valuation.
Founded as ProVision by Mervyn O'Callaghan and Simon Murray in 2016, the company has developed a platform that incorporates camera technology, artificial intelligence, machine learning and telematics to improve safety for fleets, including vehicle tracking, live video management, safety and risk management, smart cameras and real-time incident reporting.
Its solutions are operating live in tens of thousands of vehicles globally.
CameraMatics, which has more than 400 customers globally including many of the world’s largest fleet operators, said it has seen a 167 per cent rise in annual recurring revenue in the last 12 months and is forecasting further growth in 2022.
The additional funding is to be used to help fund the company’s global expansion and scale in line with the strong levels of growth that the company is experiencing.
Puma, a London-based investment firm that is a part of Shore Capital Group, returned to back the company, having led a €4 million Series A round with Enterprise Ireland and Sure Valley Ventures a year ago.
“We have had a very positive year, winning founder of the year, emerging company of the year and we are currently shortlisted in the final across the EU for the future Unicorn award 2022,” Mr O’Callaghan, the company’s chief executive told The Irish Times.
“On the basis of growth and performance, there was an additional drawdown on our funding round from this time last year at a 200 per cent increase in value over the 11 months.
“We had quite a few a crazy valuation acquisition offers during the year which also demonstrated the value of the business to our current investors and highlighted to them the potential size of the opportunity we have and how much their short-term investment had made for them,” he added.