The organisation has expressed future plans to fuel the next phase of international expansion and product innovation.

SETU Xcelerate-powered CameraMatics has secured a €49m investment, that will be put towards the organisation’s plans for further expansion and product innovation. The funding was led by Blume Equity, alongside the Ireland Strategic Investment Fund and Goodbody Capital Partners, on behalf of AIB.

Established in 2016 by Mervyn O’Callaghan and Simon Murray and headquartered in Dublin, CameraMatics uses AI-powered video intelligence, advanced driver assistance systems and real-time operational analytics to help fleet operators enhance road safety, reduce operational risks and lower carbon emissions.

Currently the organisation employs more than 150 professionals across Europe and the US. 

Commenting on SETU’s support O’Callaghan, who is also the CEO, said, “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.”

Dr James O’Sullivan, the head of innovation and commercialisation at SETU, added, “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. 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.”

In early May, SETU announced it is getting a new €11.5m computer system in partnership with IBM. The IBM z17 mainframe, which is used for roughly 70pc of global transactions by value, will support students and researchers in critical skill development.  

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