Pires Investments (PIRI ) said CameraMatics, a technology firm within the Sure Valley Ventures ("SVV") portfolio, has successfully raised in excess of €4 million in a Series A funding round.
The next generation technology investment firm holds an interest in CameraMatics through its £1.1m investment in entrepreneur-led VC fund SVV, in which it holds 13% interest.
CameraMatics, a technology firm which uses its modular software platform solutions for fleet and driver risk management, recently made an entry into the mainland Europe market.
The group has now raised in excess of €4m 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.
It has stated 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.
Its roadmap for future product and software development aims to create more than 50 jobs in the next two to three years in Ireland, and other roles in the UK, US and mainland Europe.
Pires believes CameraMatics is ‘ideally placed in one of the world's fastest-growing sectors.’ It said CameraMatics has grown steadily since launching in Ireland in 2016 and now has over 400 customers globally, including some of the sector's leading and largest fleet operators.
The group’s solutions are currently operating live in tens of thousands of vehicles globally.
CameraMatics said it has seen a 300% growth of recurring revenue in the last 12 months despite challenges posed by the COVID-19 pandemic. It expects this new investment and some large-scale opportunities in its pipeline to ‘further accelerate the business growth.’
“We are delighted to note CameraMatics' successful Series A funding round, raising in excess of €4m at a significantly higher valuation compared to when the initial investment was made.
This funding should support further expansion of the company's US branch and drive forward its recent entry into the mainland European market,” said Peter Redmond, Chairman of Pires.
He added, “The business has shown growth over the past year, despite difficulties posed by the COVID-19 pandemic and this investment, alongside its roadmap for product and software development, will strengthen CameraMatics' position globally and enable it to capitalise on the opportunities that are available to the business.”
Shares in Pires Investments have soared by over 180% in value since the beginning of the year to open 2.24% higher this morning at 11.4p following the announcement.
Pires Investments plc (AIM: PIRI ) is an investment company providing investors with access to a portfolio of next generation technology businesses with significant growth potential.
The Company is focused on building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence ("AI"), Internet of Things ("IoT"), Cyber Security, Machine Learning, Augmented Reality and Virtual Reality ("AR/VR") and Big Data.
The Board believes its portfolio demonstrates evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.
In December 2020, Pires announced its new venture into decentralised finance through a share subscription agreement into .DeTech Studio Limited developing a decentralised finance technology platform ("YOP"), providing Pires with a 15% equity interest in DeTech.
The company told investors that it believes decentralised finance technology platforms offer opportunities for growth and that it could capture a significant portion of the DeFi market.
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