TIDMPIRI
Pires Investments PLC
11 January 2021
11 January 2021
Pires Investments plc
("Pires" or the "Company")
CameraMatics raises EUR4m in Series A funding round
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.
CameraMatics has successfully raised in excess of EUR4 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.
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.
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.
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 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.
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.
Pires has a circa 13% interest in SVV. SVV is a venture capital
fund focused on investing in the software technology sector with a
specific focus on artificial intelligence, the internet of things
and immersive technologies.
Peter Redmond, Chairman of Pires, commented:
"We are delighted to note CameraMatics' successful Series A
funding round, raising in excess of EUR4 million 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.
"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.
"We look forward to updating the market on CameraMatics'
progress in due course. "
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Peter Redmond, Chairman
Nicholas Lee, Director
Joint Broker
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Duncan Vasey/Lucy Williams Tel: +44 (0) 20 7469 0936
Joint Broker
Tennyson Securities Tel: +44 (0) 20 7186 9030
Peter Krens
Financial media and PR
Yellow Jersey Tel: +44 (0) 20 3004 9512
Sarah Hollins
Henry Wilkinson
Notes to Editors
About Pires Investments plc
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 building an investment portfolio of high-tech
businesses across areas such as Artificial Intelligence ("AI"),
Internet of Things ("IoT"), Cyber Security, Machine Learning,
Immersive Technologies and Big Data, which the Board believes
demonstrate evidence of traction and the potential for exponential
growth, due to increasing global demand for development in these
sectors.
For further information, visit: https://piresinvestments.com/
.
About CameraMatics
CameraMatics is a disruptive technology for Fleet and Driver
Risk Management. The CameraMatics SaaS-based full-stack platform is
a modular software platform based on Camera Technology, Vision
Systems, AI, Machine Learning and Telematics, combined with Fleet
Safety modules that help fleet operators to drive new safety
standards across their fleet and drivers.
By reducing accidents, improving operational efficiencies,
managing compliance, it gives complete visibility and peace of mind
for today's challenges in fleet operations. CameraMatics is based
in Dublin and Waterford (Ireland), London (UK), Richmond VA (USA)
and has recently made an entry into the market in mainland
Europe.
Further details about CameraMatics can be found at https://www.cameramatics.com/ .
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NRADKDBDABKKADD
(END) Dow Jones Newswires
January 11, 2021 02:00 ET (07:00 GMT)
Grafico Azioni Mindflair (LSE:MFAI)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Mindflair (LSE:MFAI)
Storico
Da Mar 2023 a Mar 2024