In a recent release, Cubic Telecom, a global Internet of Things (IoT) connectivity platform company, has announced the close of a $48 million Series C investment round. The new investment, which brings the company’s total funding to more than $80 million, is funded by four participants, including previous investors Qualcomm Incorporated and Audi Electronics Venture GmbH, a subsidiary of AUDI AG. New investors include Valid Soluciones Tecnologicas SAU and Ireland Strategic Investment Fund (ISIF).
“We are keen to support growing Irish companies which have strong competitive advantages, global ambitions and, in the case of Cubic, the potential to become a leader in providing IoT/M2M solutions for the world’s leading OEMs,” said Fergal McAleavey, Head of Private Equity, Ireland Strategic Investment Fund. “This is an exciting investment that aligns well with ISIF’s strategy of providing long term patient capital to growing Irish companies which will generate a commercial return and support economic activity and jobs in Ireland. We are particularly pleased that, with this funding round, Cubic plans to expand its HQ in Dublin and create more jobs there.”
Cubic provides mobility solutions that power connectivity for IoT, machine-to-machine (M2M) and connected device companies across the globe, and is paving the way for autonomous vehicle technologies and innovative LTE connectivity solutions to become mainstream. Cubic’s global tier-one network delivers best-quality, high-speed 4G LTE voice and data services in partnership with over 30 mobile operators spanning more than 180 countries. The company counts some of the world’s leading original equipment manufacturers (OEMs), technology and automotive companies as customers, including Audi, VW Group, Porsche, HP, Lenovo, Panasonic, Rakuten, Woolworths and Qualcomm Technologies, a subsidiary of Qualcomm Incorporated.
“Qualcomm and Audi have both been early investors and steadfast supporters in our vision, and their most recent investment, in partnership with new partners Valid and ISIF, will fuel our continued growth and market expansion,” said Barry Napier, Chairman and CEO, Cubic Telecom. “Without exception, our customers are committed to providing an intelligent connectivity experience to their end-users, and today’s announcement will help Cubic continue to deliver on that promise.”
The new investment will accelerate continued refinements of Cubic’s market-proven IoT platform and extend its global footprint. The company will also expand its engineering capabilities in Dublin, bringing more job creation to the company’s headquarters.
“We are pleased to strengthen our partnership by participating in this latest funding round, said Dr. Peter Steiner, Managing director, Audi Electronics Venture. “ By utilizing Cubic’s unique technology we are able to offer seamless Audi connect services to our customers in many countries all over the world – without roaming costs and volume limitation.”
Ken Briodagh is a writer and editor with more than a decade of experience under his belt. He is in love with technology and if he had his druthers would beta test everything from shoe phones to flying cars.Edited by
Ken Briodagh
