Dublin-based CameraMatics has raised €3.9 million in a new growth funding round. The company offers fleet operations managers a host of safety and monitoring services, all aimed at improving efficiency and reducing risk. The new funds will be used to continue global expansion efforts, primarily through a bolstering of the sales and marketing team numbers. To date, CamerMatics has raised €8.9 million.

Using a series of IoT devices that incorporate camera technology, vision systems, AI, machine learning, and telematics, CameraMatics fills the gap in the data and solutions used by fleet managers, vehicle manufacturers, and insurance companies. By addressing these needs and requirements individually, CameraMatics’ goal is to help logistics providers understand, predict, and mitigate as many risks as possible.

Founded in 2016, the company now counts over 1,000 leading mid-to-large-sized fleet operators, including the UK’s Maritime Transport, as customers, and since late September of this year, has been putting a heavy focus on its US operations.

With e-commerce numbers jumping off the page, so have the logistics operations that support them, and such is the case for CameraMatics as well. The company reports a 300% growth in its customer subscription base since January 2020 and an ARR growth of 160%.

CameraMatics’ new €3.9 million in funding was provided via SVV, Puma, and Enterprise Ireland, and gives the company a valuation 90% higher than one year prior.

Reporting: Tech EU