Cameramatics To Raise Up To €20M As Valuation Soars
PRIVATEJan 01, 2022
Amount Raised
€20 Million
Round Type
Funding Round
LondonSoftwareData And Analytics
Description
CameraMatics, an Irish Internet of things (IoT) fleet and vehicle safety technology specialist, aims to raise €15 million-€20 million in funding this year.
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Company Information
Company
Camera Matics
Location
London, Ontario, Canada
About
The company closed 2021 by drawing down €3.9 million in additional growth funding from existing investors Sure Valley Ventures, Puma Investments and Enterprise Ireland at a substantially increased valuation. Founded as ProVision by Mervyn O’Callaghan and Simon Murray in 2016, 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 incident reporting. The additional funding is to be used to help fund the company’s global expansion and scale in line with the strong levels of growth that the company is experiencing. CameraMatics, which has more than 400 customers globally including many of the world’s largest fleet operators, said it has seen a 167 per cent rise in annual recurring revenue in the last 12 months and is forecasting further growth in 2022.
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LondonSoftwareData And Analytics