CameraMatics secures up to €49m investment

CameraMatics, the Irish-founded leader in AI-driven video telematics and fleet intelligence, has secured up to €49 million in investment from a consortium led by Blume Equity, alongside the Ireland Strategic Investment Fund (ISIF) and Goodbody Capital Partners (on behalf of AIB). The funding will support the next phase of CameraMatics’ international expansion and continued product innovation as the company scales its AI-powered fleet intelligence platform across the UK, Ireland, Europe and the United States – critical regions for construction and commercial fleet operators looking to enhance safety, operational efficiency, and sustainability.

Founded in 2016 by fleet industry veterans Mervyn O’Callaghan and Simon Murray, CameraMatics has built one of the leading connected fleet intelligence platforms in the market, combining AI-driven video intelligence, advanced driver assistance systems and real-time operational analytics to help commercial fleet operators improve safety, reduce operational risk and lower carbon emissions.

Driving standards in commercial and construction fleet safety

CameraMatics’ mission is to reduce driving and work-related accidents to zero by transforming driver behaviour, improving fleet visibility and raising driving standards globally through advanced AI-powered technology. The company continues to invest heavily in innovation, machine learning, predictive safety technologies and connected fleet intelligence solutions designed to reshape commercial driving standards worldwide.

The company has delivered consistently strong revenue growth since its founding, expanding its customer base across international and domestic markets in the construction and commercial fleet sectors, as well as securing leading blue-chip customers and accelerating enterprise adoption. Now serving nearly 1,000 fleet customers, CameraMatics supports operations across thousands of commercial and construction 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.

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

Over the past two years, CameraMatics has experienced particularly strong momentum in the enterprise fleet segment, where demand for AI-powered safety, compliance and operational efficiency solutions continues to accelerate across logistics, distribution, utilities and infrastructure sectors.

The investment will be used 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 continue to support the growth of CameraMatics with the continuation of debt finance.

Co-founders Mervyn O’Callaghan and Simon Murray will continue to lead the company’s long-term growth strategy. AGC Partners advised the existing shareholders on the transaction.

Mervyn O’Callaghan, Co-Founder and CEO, CameraMatics, said: “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 construction and 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.”

Eleanor Blagbrough, Co-Founding Partner, Blume Equity, added: “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.”

Brian O’Connor, Senior Investment Director, Ireland Strategic Investment Fund, also commented: “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. Through its scaling indigenous businesses investment theme, ISIF seeks to support the growth plans of Irish companies through a broad range of funding options.

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.”

Finlay McFadyen, Head of Goodbody Capital Partners, said: “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.”

Pictured above (L-R): Eleanor Blagbrough (Co-Founding Partner, Blume Equity), Solley O’Connor (Investment Manager, Goodbody Capital Partners), John Cantwell (Senior Private Equity Manager, ISIF), Simon Murray (Co-Founder, CameraMatics), Mervyn O’Callaghan (Co-Founder & CEO, CameraMatics), Brian O’Connor (Senior Investment Director, ISIF), and Finlay McFadyen (Head of Goodbody Capital Partners).