Ireland’s CameraMatics vehicle safety platform is set to become the country’s next unicorn.
he London-listed company, with offices in Ireland, UK and US, has successfully raised an additional â¬ 3.9 million from existing investors – Sure Valley Ventures, Puma Private Equity and Enterprise Ireland – after having more than doubled its valuation this year.
The surprise increase follows a similar sized fundraiser around the same time last year. The company is on track to reach a valuation of 150 million euros, according to founder and chief executive Mervyn O’Callaghan, with an additional funding round of 15 to 20 million euros expected in the second half of 2022.
“We are very focused on, when the opportunity presents itself, grabbing it with both hands,” he told the Independent Irish.
âWe would see our sales increase by over 200 pc per year over the next three to five years. And if we did, within five years our valuation would be $ 1 billion. “
CameraMatics is the brainchild of Mr. O’Callaghan, an accounting graduate and former Managing Director of Carphone Warehouse, and his business partner Simon Murray.
They sold their previous business, vehicle brand and safety company eDrive, to their main UK competitor in 2016 and launched CameraMatics almost immediately thereafter.
Although they had no computer training, they knew exactly what they wanted.
âWe weren’t technical, so we ended up working backwards from the final solution and drawing everything on pieces of paper and sticking it to the wall. And then we hired a development team and said, “Can you build that?” “
They now have over 1,000 clients in Ireland, UK, US and Australia and have started to establish themselves in the Middle East. Continental Europe is at the center of concerns for 2022, when they aim to double their clientele and create around fifty new jobs.
The company makes hardware and software for consumers and professional drivers – from taxis to transport companies – and is experiencing monumental growth thanks to new vehicle safety regulations.
âWe see insurance companies basically saying if you want to be insured you have to get our product installed. We literally have people calling us and saying, “Can you come and install your system because I just renewed my insurance and I have 30 days to install your solution or my insurance is not valid.”
The technology is based on artificial intelligence, which analyzes live video around the vehicle and feeds the information back to the platform for analysis.
âIt’ll tell you every time a driver goes over the speed limit, every time they pick up a cell phone, if they’re tired, if they’re driving too close, if they’re changing lanes.
âBut it’s really about giving drivers so much information, so rather than being some kind of Big Brother, telling the boss, it’s really about empowering drivers. It’s about giving them so much information to really improve yourself and, I guess, become safer drivers.
CameraMatics is the only Irish company to be nominated for a 2022 EU ‘Future Unicorn’ award, which celebrates scale-ups that have the potential to reach a billion dollar valuation.