Waterford-based CameraMatics secures up to €49 million investment to accelerate international expansion

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CameraMatics, the Irish-founded AI-powered video telematics and fleet intelligence platform, has announced a significant growth 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 CameraMatics’ international expansion and continued product innovation as the company scales its AI-powered fleet safety and operations platform across the UK, Ireland, mainland Europe and the United States.

Founded in 2016 by fleet industry veterans Mervyn O’Callaghan and Simon Murray, CameraMatics has established itself as one of the leading connected fleet intelligence platforms in the market. The platform combines 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.

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

Since its founding, the company has delivered consistently strong revenue growth, expanding its customer base across domestic and international markets while securing leading blue-chip customers and accelerating enterprise adoption.

Today, CameraMatics serves nearly 1,000 fleet customers, supporting 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.

Recent enterprise contract wins include Royal Mail, Calor Gas, Wolseley, XPO and DFDS. In the United States, the company has also expanded significantly through deployments with NASDAQ-listed Installed Building Products (IBP), which operates from 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 the logistics, distribution, utilities and infrastructure sectors.

The new investment will enable the company to accelerate its go-to-market expansion, strengthen its enterprise sales and customer success capabilities, further invest in AI and sustainability-focused product innovation, and support continued growth across North America and mainland Europe.

Existing investors Puma Growth Partners, Sure Valley Ventures and Enterprise Ireland will remain shareholders in the business, while Salica Investments will continue to support the company’s growth through the provision of debt finance.

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