CameraMatics, an Irish tech company that uses AI to make fleet vehicles safer, has secured €49 million of investment from a consortium led by UK investment firm Blume Equity, the Ireland Strategic Investment Fund (ISIF) and AIB’s Goodbody Capital Partners. The new money is aimed at supporting the next phase of CameraMatics’s international expansion and continued product innovation across Ireland, Britain, Europe and the US, it said in a statement. Mervyn O’Callaghan, company co-founder and chief executive, declined to comment in a phone interview with The Irish Times on the size of the stake being taken by the new investors, other than to confirm that pre-existing investors continue to own most of the fast-growing business. Founded in 2016 by 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.“We use AI to interact with drivers to help prevent accidents from occurring by providing, for example, audio and visual alerts of a cyclist in their blind spot or warning them if are showing signs of getting tired,” said O’Callaghan. “While traditional dashcam providers are more focused on accident monitoring, we’re in the business of preventing accidents from happening in the first place.”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”, it said.CameraMatics serves almost 1,000 fleet customers, with about 100,000 devices installed in vehicles on both sides of the Atlantic. It employs more than 150 people across offices in Dublin, Waterford, Darlington and London in England, Amsterdam, Barcelona and the US.Irish customers include waste companies like Thorntons and fuel supplier Flogas. The company has also recently secured contracts from the Royal Mail and plumbing merchants Wolseley in the UK, as well as Nasdaq-listed insulation contractor Installed Building Products. [ EU orders Meta to open WhatsApp to rival AI agentsOpens in new window ]Existing investors, including Puma Growth Partners, Sure Valley Ventures, Enterprise Ireland, O’Callaghan and Murray, will remain shareholders in the business. US investment bank AGC Partners advised the existing shareholders on the transaction.CameraMatics has delivered consistent year-on-year revenue growth since inception and is on track to exceed €30 million in contracted recurring revenue in 2026, according to the company. It was nominated for an EU Future Unicorn award in 2022. A unicorn is a privately held start-up that has achieved a valuation of more than $1 billion (€860 million). O’Callaghan said a stock market listing by the company “could be an option for us in the future”. “CameraMatics is a good example of Irish innovation in action,” said Brian O’Connor, senior investment director at ISIF. “As a home-grown 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.”