CameraMatics, a company supported by SETU Xcelerate, has secured a €49 million investment to fuel the next phase of its international expansion and ongoing product innovation.
The Irish technology company, which uses artificial intelligence to improve safety and efficiency across commercial vehicle fleets, secured a significant growth investment from a consortium led by Blume Equity, alongside the Ireland Strategic Investment Fund (ISIF) and Goodbody Capital Partners (on behalf of AIB).
Founded in 2016 by Mervyn O’Callaghan and Simon Murray, CameraMatics has developed one of the market’s leading connected fleet intelligence platforms.
Speaking about the investment, Mervyn O’Callaghan, co-founder and chief executive of CameraMatics, said:
“This is a landmark moment for CameraMatics. When Simon and I founded the company in 2016, our ambition was to build a global technology platform that would fundamentally improve safety standards across commercial fleets. Our mission is simple but ambitious – to reduce driving and work-related accidents to zero through technology, AI, and data-driven fleet intelligence.”
SETU Xcelerate is a university-based innovation and incubation centre that helps start-ups and growing companies turn ideas into scalable businesses... Ultimately, its role is to bridge the gap between innovation and market, supporting companies to grow, innovate, and compete internationally.
Dr James O’Sullivan, Head of Innovation & Commercialisation at SETU
Ambition
The roots of that ambition trace back to O’Callaghan’s previous company. Before CameraMatics, he founded eDrive, a Waterford based business that provided outsourced engineering, technical and customer support services for the largest players in the telematics and driver safety technology sector in Europe, which he ultimately sold in 2016. It was through eDrive that O’Callaghan first partnered with SETU Xcelerate, a collaboration supported by Enterprise Ireland’s Innovation Partnership Programme and the licensing of key intellectual property, which helped support the growth and evolution of the business.
That experience proved formative. Having seen first-hand the support, guidance, and entrepreneurial environment SETU Xcelerate offered, O’Callaghan returned to the same base when he and Simon Murray came together in 2016 — bringing over 45 years of combined industry expertise — to co-found CameraMatics at SETU Xcelerate.
“SETU Xcelerate was a valuable partner in our early development, providing the support, guidance and entrepreneurial environment that saw CameraMatics emerge as a new business into a company that is now competing on the global stage. We are grateful for that support as we continue to innovate and expand internationally,” said Mr O’Callaghan.
As founder and chief executive of CameraMatics, O’Callaghan’s leadership has been recognised through a series of national and international accolades. These include Enterprise Ireland’s HPSU Founder of the Year in 2021, and Waterford Entrepreneur of the Year in 2022. That same year, CameraMatics was also recognised as a European Future Unicorn finalist, underlining both the company’s growth trajectory and its strong roots in the Waterford entrepreneurial community.
Today, CameraMatics combines AI-powered video intelligence, advanced driver assistance systems (ADAS), and real-time operational analytics to help fleet operators enhance road safety, reduce operational risks, and lower carbon emissions.
The company has achieved consistent year-on-year revenue growth since its inception and is on track to surpass €30 million in contracted recurring revenue in 2026. It employs more than 150 people across offices in Waterford, Dublin, the UK, Europe, and the United States.
Success story
Dr James O’Sullivan, Head of Innovation & Commercialisation at SETU, said CameraMatics is an example of a standout success story within the SETU Xcelerate ecosystem, demonstrating how targeted support, mentorship, and access to innovation networks can help ambitious start-ups scale from regional beginnings to international markets.
“SETU Xcelerate is a university-based innovation and incubation centre that helps start-ups and growing companies turn ideas into scalable businesses,” said Dr O’Sullivan. “It provides a combination of research collaboration, business mentoring, and practical supports such as workspace, access to funding programmes, and help with developing new products and services. Through its strong links with SETU’s academic teams and national supports like Enterprise Ireland, Xcelerate enables companies to access innovative expertise, build intellectual property, and accelerate commercialisation. Ultimately, its role is to bridge the gap between innovation and market, supporting companies to grow, innovate, and compete internationally.”
“Xcelerate support, combined with Enterprise Ireland’s Innovation Partnership Programme and licensing of key intellectual property, helped bridge early-stage fleet technology expertise into future higher-value innovation. This foundation contributed to the broader ecosystem that enabled next-generation companies like CameraMatics to emerge and ultimately scale into a global AI fleet intelligence platform now attracting significant international investment,” Dr O’Sullivan added.
More information on SETU Xcelerate can be found by clicking here