Audi and Qualcomm lead investment in Cubic Telecom
August 31, 2017
Irish IoT mobility company Cubic Telecom has closed a $47m series C investment round, bringing its total funding to $88m. Participants included previous investors Qualcomm and Audi. New investors include Valid Soluciones Tecnologicas and the Ireland Strategic Investment Fund (ISIF).
Cubic provides mobility products that power connectivity for IoT, M2M and connected device companies across the globe, and is paving the way for autonomous vehicle technologies and LTE connectivity to become mainstream.
"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, CEO of 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."
Cubic's global tier-one network delivers 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 OEMs, technology and automotive companies as customers, including Audi, Volkswagen, Porsche, HP, Lenovo, Panasonic, Rakuten, Woolworths and Qualcomm Technologies.
"We are pleased to strengthen our partnership by participating in this latest funding round," said Peter Steiner, managing director of Audi Electronics Venture. "By utilising 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."
The investment will accelerate continued refinements of Cubic's 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.
"The automotive sector is one of the segments that has advanced the most in terms of analysing the benefits of IoT through an eSIM solution," said Carlos Affonso, CEO of Valid. “We are reinforcing our strategy in this market by strengthening our relationship with Cubic where we are already a strategic partner providing our eSIM and remote customisation platform.”
Cubic Telecom was founded in 2006, is privately held and is based in Dublin, Ireland.
"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 and M2M solutions for the world's leading OEMs," said Fergal McAleavey, head of private equity with the ISIF. "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.”