IoT firm Cubic Telecom gets almost $50 million in financing
The Irish company said the new investment will allow updates in its IoT platform and the expansion of engineering capabilities in its headquarters
Global IoT firm Cubic Telecom has announced the close of a 40 million euros ($47.7 million) investment round. The new investment, which brings the total funding to 75 million euros, is from four participants, including previous investors Qualcomm Incorporated and Audi Electronics Venture, a subsidiary of German car manufacturer Audi. New investors are Valid Soluciones Tecnologicas SAU and Ireland Strategic Investment Fund (ISIF).
“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 of Cubic Telecom.
“We are pleased to strengthen our partnership by participating in this latest funding round, said Peter Steiner, managing director Audi Electronics Venture. “ By utilizing Cubic’s 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.”
Cubic Telecom said that the new investment will accelerate updates in its IoT platform and will also expand the firm’s engineering capabilities in its headquarters in Dublin.
“The automotive sector is one of the segments that has advanced the most in terms of analyzing the benefits of IoT through an eSIM solution. 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 customization platform”, said Carlos Affonso, CEO of Valid.
Cubic provides mobility solutions for IoT, machine-to-machine (M2M) and connected device companies across the world. Cubic’s network delivers 4G LTE voice and data services in partnership with over 30 mobile operators spanning more than 180 countries. Some of the company’s customers include Audi, VW Group, Porsche, HP, Lenovo, Panasonic, Rakuten, Woolworths and Qualcomm Technologies.