Cubic Telecom, the Dublin tech firm that is driving the connected future of cars and the internet of things, has raised €11.1m in new funding.
The investment came from Act Venture Capital and will support further development of Cubic Telecoms’ software connectivity platform, PACE.
Cubic’s platform powers the digital connectivity of brands that include Audi, Panasonic, Volkswagen, Woolworths, e.GO and Skoda and customers also include some of the world’s leading Fortune 100 computer manufacturers.
“Our aim is to focus on global connectivity solutions while reducing the overall environmental impact for our customers’ end product”
Earlier this month at the giant US tech show in Las Vegas, CES, Cubic joined forces with Irish start-up Manna to create a new paradigm in fast food ordering with drones delivering customers’ meals in less than three minutes, potentially upending the road delivery business.
Vorsprung durch Technik
“As a seed investor since 2013, we have been privileged to support the leading innovations Cubic has created to become a world leader in IoT Mobile Connectivity,” explained John Flynn, managing partner of Act Venture Capital.
“At close to 100pc annual revenue growth over the past three years in the explosive market of in-vehicle data, expected to be worth $750b by 2030, we believe Cubic Telecom can be the most significant technology company to emerge from Ireland over the coming years.
“We are looking to back visionary founders, such as Barry Napier, that are obsessed with solving big problems, have a deep understanding of their market and the ability to build an incredible product,” Flynn said.
Cubic Telecom began in Cork but is now headquartered in Dublin and is privately held with over €111m in funding by Audi Electronics Venture GmbH, Qualcomm, Valid, the European Investment Bank, Enterprise Ireland and the Ireland Strategic Investment Fund, among others.
In July ThinkBusiness reported how the company raised €23.5m in new funding from the European Investment Bank.
“Act Venture Capital has been an early investor of the team at Cubic and our technology,” said CEO Barry Napier.
“The fact that they have expanded their early stage investment demonstrates the confidence the VC community has in Irish tech companies that have true global reach.
“These funds will let the team and I expand into new verticals like our recent partnership with Manna the drone delivery company and enable 5G products. Our aim is to focus on global connectivity solutions while reducing the overall environmental impact for our customers’ end product.”
Written by John Kennedy (firstname.lastname@example.org)
Published: 23 January, 2020