Following a year in which its recurring revenue grew by 300pc, the IoT start-up is eyeing global expansion.
Irish IoT fleet and vehicle safety start-up CameraMatics has raised €4m in a Series A funding round. The round was led by Puma Investments and saw contributions from Sure Valley Ventures, Pires Investments and Enterprise Ireland, among others.
CameraMatics has developed a full-stack SaaS platform that uses camera technology, vision systems, AI, machine learning and telematics to help fleet operations implement new safety standards.
Its goal is to reduce the number of road accidents and make fleet operations more efficient. The company was established in 2016 and now has teams in Dublin and Waterford, as well as London and Virginia in the US. It was founded by company director Simon Murray and CEO Mervyn O’Callaghan, who both previously worked at eDrive Group.
CameraMatics said that its recurring revenue has grown by 300pc in the past year despite the challenges posed by Covid-19. It will use the new funding to expand in the US and mainland Europe and accelerate product development.
The company plans to create more than 50 jobs over the next two to three years in Ireland and further roles in other locations. These will help the business cater to its 400-plus global customers. Currently, tens of thousands of vehicles around the world are using CameraMatics’ tech.
O’Callaghan said the fresh funding will help CameraMatics to “further capitalise on its position as a leader in the fleet safety technology industry in Ireland, the UK, the US 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.”
Sure Valley Ventures director Gareth Burchell added: “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.”