Wednesday, May 6, 2015

Cubic Telecom Secures EUR 18 Million for M2M Connectivity

Cubic Telecom, a start-up based in Dublin, Ireland, has secured €18 million in venture funding for its global Machine to Machine (M2M) connectivity platform.

Cubic Telecom is focused on enabling seamless global connectivity solutions for enterprise customers across automotive, computer OEM and retail sectors. Cubic’s applications and technologies are embedded at the manufacturing stage, enabling enterprise customers to offer always-on connectivity anywhere in the world. Cubic is actively working with some of the world’s leading Fortune 100 tablet and notebook manufacturers including HP and Lenovo, and Australia’s number one retailer Woolworths. More recently Cubic expanded its business to partner with some of the most innovative M2M and automotive companies in the world.

The funding comes in the form of a co-investment from Audi Electronics Venture GmbH (AEV), a subsidiary of AUDI AG focused on investing in innovative technologies, and Qualcomm Incorporated (QCOM), a world leader in 3G, 4G and next-generation wireless technologies.

Existing investors include Sierra Wireless, ACT Venture Capital, TPS Investment Limited and Enterprise Ireland. This is Qualcomm’s fourth investment in Cubic, highlighting the strength of the partnership between the two organizations.

Barry Napier, CEO, Cubic Telecom said, “We appreciate the investment from Audi and Qualcomm as we continue to expand our market presence. The automotive industry is changing faster than ever, and connectivity in the car is at the heart of it. With this new round of financing, Cubic Telecom, along with our strategic partners, will be at the core of this transformative new phase for the automotive industry.”

http://www.cubictelecom.com

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