CameraMatics announced that it has secured an investment of up to €49 million from a consortium led by Blume Equity, alongside the Ireland Strategic Investment Fund (ISIF) and Goodbody Capital Partners on behalf of AIB.
The investment will support the next phase of international expansion and continued product innovation for the Irish-founded AI-powered video telematics and fleet intelligence company. Founded in 2016 by Mervyn O’Callaghan and Simon Murray, CameraMatics has developed a connected fleet intelligence platform that combines AI-driven video analytics, advanced driver assistance systems and real-time operational insights to help commercial fleet operators improve safety, reduce risk and lower carbon emissions.
The company’s mission is to eliminate driving and work-related accidents by transforming driver behavior and improving fleet visibility through AI-powered technology. CameraMatics serves nearly 1,000 fleet customers and supports thousands of commercial vehicles across the UK, Ireland, mainland Europe and the United States. The company employs more than 150 people across offices in Dublin, Waterford, Darlington, London, Amsterdam, Barcelona and the U.S.
Recent enterprise customers include Royal Mail, Calor Gas, Wolseley, XPO and DFDS, while the company has expanded significantly in the United States through deployments with Installed Building Products, which operates more than 250 depots nationwide.
The new capital will be used to expand go-to-market capabilities, strengthen enterprise sales and customer success teams, increase investment in AI and sustainability-focused product innovation, and accelerate growth across North America and mainland Europe. Existing investors Puma Growth Partners, Sure Valley Ventures and Enterprise Ireland will remain shareholders, while Salica Investments will continue providing debt financing support.
Co-founders Mervyn O’Callaghan and Simon Murray will continue leading the company’s long-term growth strategy.
KEY QUOTES:
“This is a landmark moment for CameraMatics. When Simon and I founded the company in 2016, our ambition was to build a global technology platform that would fundamentally improve safety standards across commercial fleets. Our mission is simple but ambitious, to reduce driving and work-related accidents to zero through technology, AI and data-driven fleet intelligence.”
“Every day, our technology is helping fleet operators prevent accidents, improve driver behaviour and ultimately save lives on roads and worksites across multiple countries. That purpose continues to drive everything we do as a business. Since founding the company, we have delivered strong year-on-year growth, expanded internationally and earned the trust of many of the world’s leading fleet operators.”
“This investment from Blume Equity, ISIF and Goodbody Capital Partners gives us the capital and strategic support to accelerate our next phase of growth, scaling internationally, deepening our AI capabilities and continuing to invest in technologies that can help change driving standards globally.”
Mervyn O’Callaghan, Co-Founder and CEO, CameraMatics
“CameraMatics is exactly the type of business Blume Equity was created to partner with, a founder-led European software company with a differentiated product, strong customer relationships and a clear path to international scale.”
“Mervyn, Simon and the team have built something genuinely impressive in a large and growing market. CameraMatics has established itself as a clear category leader within the rapidly growing video telematics and connected fleet market. The company combines strong technology differentiation with impressive commercial execution, evidenced by its sustained growth trajectory, blue-chip customer base and accelerating international expansion.”
“Video telematics is at a tipping point as fleet operators increasingly recognise the operational, safety and sustainability benefits of connected fleet technology. We are particularly excited by the company’s long-term mission to use AI and connected fleet intelligence to materially improve global road safety outcomes.”
“We are delighted to be partnering with ISIF and Goodbody Capital Partners to support the next chapter of CameraMatics’ growth.”
Eleanor Blagbrough, Co-Founding Partner, Blume Equity
“CameraMatics is a good example of Irish innovation in action. As a homegrown technology company that has built a world-class platform, exporting its products internationally, today’s announcement aligns well with ISIF’s mandate to invest commercially and in a manner designed to support economic activity and employment in Ireland.”
“We are pleased to invest alongside Blume Equity and Goodbody Capital Partners to support CameraMatics’ continued growth and expansion, as it contributes to showcasing Ireland as a centre of excellence in technology and mobility.”
Brian O’Connor, Senior Investment Director, Ireland Strategic Investment Fund
“We have been following the video telematics market closely and CameraMatics stands out for the quality of its technology, the calibre of its management team and the strength of its customer base.”
“The commercial fleet sector is undergoing a profound digital transformation, and CameraMatics is exceptionally well positioned to capitalise on this shift. We are pleased to be part of a strong consortium backing an ambitious Irish company with clear international growth potential.”
Finlay McFadyen, Head of Goodbody Capital Partners
