Vehicle and fleet safety solutions provider CameraMatics has secured €4m investment, including €2.4m from Puma Private Equity.

Established in 2016 by Mervyn O’Callaghan and Simon Murray, CameraMatics specialises in Internet of Things (IoT) fleet and vehicle safety technology, working across the UK, Ireland and the US. Its technology incorporates AI, machine learning, camera technology, vision systems and telematics to help fleet operators reduce risks and drive new safety standards across their fleet and drivers.

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This investment will support further expansion of the US branch of CameraMatics and drive forward its recent entry into the mainland European market, in addition to further product development. 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.

CameraMatics has grown steadily since launch. In the past 12 months, it has seen 300% growth of recurring revenue despite the challenge of the Covid-19 pandemic and expects this new investment to further accelerate the business’s growth.

Mervyn O’Callaghan, chief executive 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.”

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Jonathan Wyles, investment manager at 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.”