CameraMatics secures up to €49M to compete with Samsara.

      An Irish firm utilizing AI to prevent accidents before they occur has secured funding of up to €49 million to enhance its presence in North America and Europe. CameraMatics, established in Dublin in 2016, develops a video-telematics platform tailored for commercial fleets, employing cameras and software to monitor both the road and the cab simultaneously.

      The system identifies hazards such as cyclists in a lorry's blind spot, drivers straying from their lane, and signs of fatigue or phone usage, converting the footage into compliance reports suitable for regulators.

      This funding round is spearheaded by the UK growth investment firm Blume Equity, along with the Ireland Strategic Investment Fund, the country’s sovereign development fund, and Goodbody Capital Partners, which invested on behalf of AIB bank.

      The term 'up to €49 million' warrants careful consideration, as it combines new growth capital with a partial cash return for early investors like Sure Valley Ventures, while Salica Investments continues to supply debt. Existing backers, including Puma Growth Partners and Enterprise Ireland, remain involved.

      CameraMatics now caters to nearly 1,000 fleet clients in the UK, Ireland, continental Europe, and the US, including major companies like Royal Mail, Calor Gas, XPO, and DFDS. The company has over 150 employees across seven offices, spanning from Dublin and Waterford to London, Amsterdam, Barcelona, and the United States, and expects to exceed €30 million in contracted recurring revenue this year. It represents a growing number of Irish technology firms expanding internationally with government support.

      The momentum is driven by a market evolving due to new regulations. Stricter EU road safety laws and enhanced fleet governance requirements in the UK are transforming connected cameras from a luxury into a necessity. Berg Insight predicts that the number of installed video-telematics systems in North America will more than double to 17.3 million units by 2030. This trend is also steering fleets towards the connected, lower-emission operations that CameraMatics provides.

      Due to this intense competition, CameraMatics faces challenges against well-capitalized American competitors, notably Samsara, which reported $1.9 billion in annual recurring revenue last year, and the driver-safety specialist Lytx.

      “Our mission is straightforward yet ambitious,” stated co-founder and CEO Mervyn O’Callaghan: “to eliminate driving and work-related accidents entirely.” The firm now has a substantial customer base, solid retention, and the necessary capital. The next challenge lies in securing enterprise contracts in the US while maintaining its position in Europe, where customers and competitors have distinct characteristics. This is a common scaling challenge for European AI companies focused on transportation, such as Wayve.