Puma Private Equity, the private equity division of Puma Investments, has completed a €2.4 million investment into international vehicle and fleet safety solutions provider CameraMatics, as part of a €4 million Series A investment round.
Comprising Puma Private Equity’s third investment delivery over the past six weeks – during which it has facilitated £7.7 million in funding – this latest investment completion further reflects the business’s ability to close transactions swiftly and provide scale-up funding to companies across sectors and throughout the UK.
CameraMatics’ growth story
Established in 2016 by Mervyn O’Callaghan and Simon Murray, CameraMatics is a leading Internet of Things (IoT) fleet and vehicle safety technology specialist, working across Ireland, the UK and US. Its disruptive 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.
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.
Ideally placed in one of the world’s fastest-growing sectors, CameraMatics has grown steadily since launching. In the past 12 months, it has seen a phenomenal 300% growth of recurring revenue despite some of the global challenges of the Covid-19 pandemic and expects this new investment and the exciting, large-scale opportunities in its current pipeline to further accelerate the business’s growth.
Jonathan Wyles, Investment Manager, at Puma Private Equity commented:
“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.”
Mervyn O’Callaghan, CEO of CameraMatics, added:
“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.”
CameraMatics was established in Ireland in 2016 by fleet experts Mervyn O’Callaghan and Simon Murray who identified a gap in the data and solutions used by fleet managers, vehicle manufacturers and insurance companies, leaving them open to a variety of risks.
CameraMatics is a disruptive technology for Fleet and Driver Risk Management. The CameraMatics SaaS-based full-stack platform is a modular software platform based on Camera Technology, Vision Systems, AI, Machine Learning and Telematics, combined with Fleet Safety modules that help fleet operators to drive new safety standards across their fleet and drivers. By reducing accidents, improving operational efficiencies, managing compliance, it gives complete visibility and peace of mind for today’s challenges in fleet operations. CameraMatics is based in Dublin and Waterford (Ireland), London (UK), Richmond VA (USA) and has recently made an entry into the market in mainland Europe.
About Puma Private Equity
Puma Private Equity is a leading provider of growth capital to small and medium-sized businesses across all sectors and regions of the UK. It delivers investments between £2-10 million and partners with management teams to accelerate growth and help businesses achieve their potential. To find out more visit www.pumaprivateequity.co.uk.