CameraMatics, the Irish start-up, is targeting €15 million in funding within 18 months for a technological solution designed to allow commercial vehicle companies to protect their fleet and drivers.
Founded in 2016 by Mervyn O’Callaghan and Simon Murray, the company has more than 1,000 customers worldwide and plans to create up to 50 jobs this year.
Its plans for a Series B funding round come just months after CameraMatics confirmed it had raised €4 million in Series A funding earlier this year.
O’Callaghan, a 49-year-old Waterford native, said CameraMatics specialises in designing technology that makes drivers and vehicles safer and allows large-scale vehicle companies to minimise their risks.
The company uses camera technology, artificial intelligence and machine learning alongside telematics to offer companies an opportunity to avoid expensive repair works or even lawsuits as a result of issues that arise when their vehicles are on the roads.
Between government regulation, rising insurance costs and the potential for costly claims, companies that transport goods have to manage their fleet carefully.
Where other providers offer some camera options as well as telematics software that allows businesses to monitor their drivers and vehicles, CameraMatics claims its technology is more advanced, linking together telematics and video in-house and providing a user-friendly platform on a desktop, smartphone or tablet.
It offers live and historic camera footage so companies can monitor their fleet remotely, as well as on-the-minute notifications if an incident occurs.
It also provides more cameras in different parts of vehicles, meaning drivers and their employers have more evidence in cases where a claim is made against them.
CameraMatics says its ProVision technology can help cut companies’ insurance premiums and reduce their accident risks. Its technology also allows a company to view analytics on a driver’s performance and to identify when they’re becoming tired or distracted.
O’Callaghan and Murray previously founded eDrive, a telematics company which provided driver safety technology to companies in Britain and Ireland, before selling it in 2016. The data provided by its telematics technology was useful to the companies that used it, but its effectiveness was limited, O’Callaghan said.
“It was difficult to make it effective from an insurance perspective. You can’t use it in court because it’s an interpretation of data, so you can never say literally: ‘This is what happened.’
“With CameraMatics, companies essentially get a full, bird’s-eye view of their fleet,“ O’Callaghan said.
While other companies partner dash-cam or other footage with telematics data, CameraMatics believes its product is more sophisticated and gives companies a more complete picture of exactly what’s happening inside and outside their vehicles.
“What we’ve done is we’ve taken your telematics product, we’ve taken your camera technology, and we’ve layered on top of that machine learning and artificial intelligence to anticipate or identify potential risks,” O’Callaghan said.
“It’s almost like an extra pair of eyes sitting in front of the vehicle, looking around to say: ‘There’s something on your left’ or ‘Look out for this’.”
Four and a half years since it launched, CameraMatics is targeting global growth. It has just registered a company in Australia, and is in talks to provide services to one of Britain’s largest fleets.
Having doubled turnover year on year since its inception, the business is going through a growth spurt. Its hiring drive will bring new jobs in mainland Europe, Britain and Australia, as well as Ireland, mostly in software development and marketing.
O’Callaghan, a finalist in Enterprise Ireland’s Founder of the Year competition, pointed to “huge” growth in the fleet management sector.
“There’s a big opportunity to accelerate. This could be huge. It’s unbelievably exciting,” he said.