Irish automotive internet of things (IoT) player Cubic Telecom has secured €23.5m in new funding from the European Investment Bank, the world’s largest international public bank.
The investment will support Cubic’s further development of its software connectivity platform – PACE – through investments in R&D.
The EIB’s investment brings Cubic Telecom’s total funding to €100m to date from investors that include Audi Electronics Venture GmbH, Qualcomm, Valid, Enterprise Ireland and the Ireland Strategic Investment Fund, among others.
“Cubic Telecom continues to be amongst our country’s most innovative technology pioneers”
“We continue to rapidly scale our software platform, operations and hiring to accelerate our customers expansion needs – which is critical given how fast the automotive and IoT markets are moving.” said Barry Napier, Cubic Telecom CEO. “With this investment from the European Investment Bank, Cubic will deliver on its software roadmap to enable any cloud provider secure global connectivity directly on the chipset, hardware or device while having ‘5G-ready’ to optimise future functions”.
The new loan was formally agreed at the Department of Finance in Dublin by Barry Napier, Cubic Telecom CEO and Andrew McDowell, European Investment Bank Vice President in the presence of Minister for Finance and Public Expenditure, Paschal Donohoe ahead of the EIB-Ireland Financing Group ministerial meeting.
Tomorrow’s world today
Cubic Telecom’s software platform spans more than 180 countries and 75 mobile operator partnerships, with around 3m devices already powered by Cubic’s connectivity solution.
Through Cubic Telecom’s advanced eSIM technology, applications and technologies are embedded into devices at the manufacturing stage, enabling simple logistics and Over-The-Air software updates. This gives manufacturers full visibility into the device’s performance through data analytics.
Cubic Telecom was advised by Arthur Cox Solicitors and Trasna Corporate Finance on this transaction.
“Cubic Telecom continues to be amongst our country’s most innovative technology pioneers,” said Ireland’s Minister for Finance and Public Expenditure, Paschal Donohoe, TD. “I am delighted to see this rapidly-growing Irish company attracting prominent foreign direct investment into Ireland and offer Cubic our continued support. The company’s growing global footprint is impressive, and I congratulate them on this latest investment from the EIB.”
Written by John Kennedy
Published: 19 July 2019