CameraMatics, an Internet of Things (IoT)-focused company that has developed technology to enable companies to better manage fleet and driver risk, has secured €4 million in investment.
Founded as ProVision by Mervyn O'Callaghan and Simon Murray in 2016, the software-as-a-service (Saas) company also said it expected to create more than 50 new jobs over the next two to three years.
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 accident reporting.
CameraMatics, which has over 400 customers globally, including many of the world’s largest fleet operators, has experienced a 300 per cent rise in revenue over the last 12 months despite the pandemic.
The new funds are to be used to support further expansion in the US, where CameraMatics has already enjoyed considerable success, and to drive growth in mainland Europe, where the company has recently expanded.
“Internet of Things 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,” said Mr O’Callaghan, a former EY Entrepreneur of the Year finalist.
Puma Investments, a London-based investment firm that is a part of Shore Capital Group, led the Series A round with Enterprise Ireland and Sure Valley Ventures, which was founded by Irish entrepreneur Barry Downes.
Sure previously led a €1 million seed investment in CameraMatics in November 2017.
“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,” said Mr Downes.