CameraMatics secures up to €49 million to scale AI-powered fleet intelligence platform across Europe and the US

CameraMatics, a Dublin-based AI-powered video telematics and fleet intelligence platform, has secured up to €49 million in investment to support its next phase of international expansion and ongoing product innovation as the company scales across the UK, Ireland, Europe, and the US. 

The investment was secured from a consortium led by Blume Equity, alongside the Ireland Strategic Investment Fund (ISIF) and Goodbody Capital Partners (on behalf of AIB).

“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,” said Mervyn O’Callaghan, co-founder and CEO of CameraMatics. 

Founded in 2016 by Mervyn O’Callaghan and Simon Murray, CameraMatics’ helps fleets reduce risks, cut costs, and run more efficient operations through AI-powered fleet intelligence. The company states that its connected fleet intelligence platforms combine AI-driven video intelligence, driver assistance systems and real-time operational analytics to help commercial fleet operators improve safety, reduce operational risk and lower carbon emissions.

“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,” added O’Callaghan. 

The company notes that it continues to invest heavily in innovation, machine learning, predictive safety technologies and connected fleet intelligence solutions. It reports delivering strong revenue growth since its founding, expanding its customer base across international and domestic markets and securing leading blue-chip customers, accelerating enterprise adoption.

Recent enterprise contract wins include organisations such as Royal Mail, Calor Gas, Wolseley, XPO, and DFDS. In the United States, the company has grown through deployments with NASDAQ-listed Installed Building Products (IBP), which operates in over 250 depots nationwide.

It currently serves nearly 1,000 fleet customers and supports operations across thousands of commercial vehicles throughout 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 United States.

Eleanor Blagbrough, co-founding Partner, Blume Equity, said, “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.”

The company plans to use this fresh capital to accelerate CameraMatics’ go-to-market expansion, strengthen its enterprise sales and customer success capabilities, further invest in AI and sustainability-focused product innovation, and support the company’s continued growth across North America and mainland Europe.

Existing investors, including Puma Growth Partners, Sure Valley Ventures and Enterprise Ireland, will remain shareholders in the business. Salica Investments will continue to support the growth of CameraMatics through the continuation of debt finance. O’Callaghan and Murray will continue to lead the company’s long-term growth strategy.

“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,” commented O’Callaghan. 

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