Published on September 8th, 2017 | by The Beam0
Connectivity Specialist Cubic Telecom Receives $46.5 Million Funding Injection
September 8th, 2017 by The Beam
Irish startup Cubic Telecom has just received $46.5 million in a Series C round of funding. Four investors were involved in the new revenue injection, including Audi Electronics Venture GmbH (a subsidiary of AUDI AG), Qualcomm, and Valid Soluciones Tecnologicas SAU. The Irish company specializes in Connected Intelligence, offering mobility solutions that power connectivity for Internet of Things, machine-to-machine and mobile device companies worldwide.
One of the most innovative developments that Cubic has made is a virtual networking system that enables cars and other devices to connect automatically to mobile service providers. Working with Valid, Cubic have developed a software-based solution that allows a connected car to automatically link up to the mobile network that the car is activated in. This means that when a car is sold to a different country than it is manufactured in, the car can connect to the mobile network of that country.
This is a key innovation, as previously when car manufacturers built connected cars they had to work out different deals with the mobile carriers of each country that the cars were being sold in. Every carrier and country can have a different deal, which makes a lot of work and administration for the automaker. The system from Cubic removes takes care of this aspect, and to date its system is operational in 180 countries, and works with 30 different service providers.
Car connectivity is growing
With car connectivity being such a growth area for vehicles, it makes sense that this is an area that would receive such investment, especially from Audi. Dr. Peter Steiner, Managing Director of Audi Electronics Venture GmbH said in a statement. “By utilizing 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.”
Cubic has stated that the funding will be used to expand its engineering capabilities in its Dublin headquarters, creating more jobs in the process. This is something that appealed to investor Ireland Strategic Investment Fund, as Head of Private Equity, Feargal McAleavey, stated. “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.”