Business
CameraMatics raises EUR4m in Series A funding
CameraMatics raises EUR4m in Series A funding.
About this update from Mindflair Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2070L\n Pires Investments PLC\n 11 January 2021\n \n \n \n \n 11 January 2021\n \n \n \n \n \n Pires Investments plc\n \n \n \n \n \n (\"Pires\" or the \"Company\")\n \n \n \n \n \n CameraMatics raises €4m in Series A funding round\n \n \n \n \n \n Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, is pleased to provide an update on its investment in Sure Valley Ventures (\"SVV\") in relation to CameraMatics, the leading IoT fleet and vehicle safety technology specialist, a company within the SVV portfolio.\n \n \n \n \n \n CameraMatics has successfully raised in excess of €4 million in a Series A funding round from a consortium of investors, including existing investors SVV and Enterprise Ireland, led by Puma Investments, a leading provider of growth capital to small and medium-sized businesses.\n \n \n \n \n \n This new funding has been raised at a valuation that represents over 300% of the CameraMatics' valuation as at the time of SVV's initial investment in November 2017.\n \n \n \n \n \n CameraMatics states that the funds will be used to support further expansion of CameraMatics' US branch and drive forward the company's recent entry into the mainland European market. CameraMatics has an extensive roadmap for future product and software development and expects to create more than 50 jobs over the next two to three years in Ireland, along with other roles in the UK, US and mainland Europe. \n \n \n \n \n \n The board of Pires believes that CameraMatics is ideally placed in one of the world's fastest-growing sectors, CameraMatics has grown steadily since launching in Ireland in 2016 and now has over 4\n 00 customers globally, including some of the sector's leading and largest fleet operators. The company's solutions are currently operating live in tens of thousands of vehicles globally.\n \n \n \n \n \n CameraMatics states that it has seen a 300% growth of recurring revenue in last 12 months despite some of the global challenges of the COVID-19 pandemic and expects this new investment and some of the exciting, large-scale opportunities in its current pipeline to further accelerate the business growth.\n \n \n \n \n \n Pires has a circa 13% interest in SVV. SVV is a venture capital fund focus...