Following meteoric growth in the UK and Irish markets, providing cutting-edge CameraMatics solutions to commercial vehicle fleets, we are delighted to have secured this funding. Not only does it recognize the opportunity in this growing sector but specifically ProVision’s role in leading the drive to reduce fleet risk, increase driver safety and better manage the growing compliance and regulatory demands on fleet operators.
This investment specifically allows us to cement our position in established markets and launch into new markets and sectors.
Below is the full release for your reading pleasure.
Suir Valley Ventures, the entrepreneur-led venture capital fund, launched in February 2017, has, together with private investors, invested a combined total of €1,000,000 in ProVision Vehicle Cameras, a leading Internet of Things (‘IoT’) company focused on providing advanced fleet and driver management systems. This is Suir’s fourth investment and follows closely on the heels of investments in an educational VR business, Immersive VR Education, leading IoT cloud platform, Wia, and reality games developer, WarDucks.
ProVision is a world leader in the field of quality video recording capabilities known as CameraMatics. This technology provides remotely accessible IoT solutions to manage and reduce fleet risk, enhance driver safety, increase fleet efficiencies and help operators comply with growing governance and compliance regulations. The technology combines highest quality vehicle camera and tracking technology linked to advanced cloud software, and ProVision’s most advanced products can issue warnings such as flagging driver fatigue, mobile phone use, collision dangers, lane departure and driver distractions, ultimately improving road safety and helping companies with compliance requirements.
ProVision has already installed its systems into hundreds of fleets across the UK and Ireland, comprising thousands of vehicles, and plans to accelerate the roll-out through its partnerships with large fleet operators, leading insurance providers, motor manufacturers, and fleet leasing companies; the investment will enable ProVision to further implement its strategic expansion plans.
As part of the investment, Gareth Burchell, Head of Stockbroking at Shard Capital Stockbrokers, is joining the board of ProVision, bringing with him more than 15 years of experience in the City.
From left to right: Mervyn O’Callaghan, (Managing Director, ProVision), Barry Downes, (Managing Partner, Suir Valley Ventures), Simon Murray, (Sales & Marketing Director, ProVision).
Suir Valley Ventures Managing Partner, Barry Downes, said, “This seed funding will enable ProVision, with its proven technology, to modernise an even greater number of fleets, resulting in increased road safety, compliance with regulations and shielding them from fraudulent claims against drivers. The IoT is an industry with vast potential and ProVision’s unique cloud based software solution provides fleet managers with the most comprehensive end-to-end solution available in the market. It is a privilege to support the ProVision team and we look forward to helping them to take their business to the next level.”
Mervyn O’Callaghan, Managing Director of ProVision, said, “IoT is growing at the speed of light; its total market size is expected to grow to $3.7 billion by 2020 up from $900 million in 2015. ProVision, with its established client base and proven technology, is perfectly placed to capitalise on this flourishing industry. We are delighted with the support that we have received from Suir Valley and our private investors and look forward to gaining an even stronger foothold in the sector.”
(Suir Valley Ventures)
|Isabel de Salis/ Priit Piip
(St Brides Partners)
Notes to Editors
Suir Valley Ventures is an entrepreneur led Venture Capital Fund that invests in early stage software companies. It specialises in investing in Augmented Reality (‘AR’) and Virtual Reality (‘VR’), Financial Technology (‘FinTech’), and the Internet of Things (‘IoT’) Sectors.
ProVision is the leader in CameraMatics solutions for commercial fleets, delivering products that allow fleet managers to increase driver safety, reduce fleet risk and comply with growing governance and compliance regulations. The world of fleet management has changed to one where managing risk and meeting compliance needs presents a greater burden to fleets than logistics and efficiencies. ProVision CameraMatics adds an additional, and currently missing, layer of data to fleet and driver management – that missing data is video. ProVision has merged four key technologies: video input systems (cameras and scanners), smart processing systems, communications systems and unique algorithmic IP to deliver intelligent driver and fleet safety systems.