CUBIC TELECOM CLOSES €40 MILLION IN SERIES C IOT INVESTMENT ROUND
time: 2017-08-30 09:02
Cubic Telecom, a global Internet of Things connectivity platform company, has announced the close of a €40 million ($47 million) Series C investment round. The new investment, which brings the total funding to €71 million ($83.85 million), is funded by four participants, including previous investors Qualcomm and Audi Electronics Venture GmbH, a subsidiary of AUDI AG. New investors include Valid Soluciones Tecnologicas SAU and Ireland Strategic Investment Fund (ISIF).
Cubic provides mobility solutions that power connectivity for IoT, M2M and connected device companies worldwide, the company reports, and is helping autonomous vehicle technologies and innovative LTE connectivity solutions to become mainstream. Cubic's global tier-one network provides 4G LTE voice and data services in partnership with more than 30 mobile operators spanning more than 180 countries.
"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, Cubic Telecom's chairman and CEO, in a prepared statement. "Without exception, our customers are committed to providing an integrated connectivity experience to their end-users, and today's announcement will help Cubic continue to deliver on that promise."
The new investment will accelerate refinements of Cubic's IoT platform and extend its global footprint. The company will also expand its engineering capabilities in Dublin, bringing more job creation to the company's headquarters. For Qualcomm, this is its fifth investment in Cubic.
"The automotive sector is one of the segments that has advanced the most in terms of analyzing the benefits of the IoT through eSIM," said Carlos Affonso, Valid's global CEO, in the prepared statement. "In this sense, we are reinforcing our strategy in this market by strengthening our relationship with Cubic, in which we are the main partner providing eSIM and the remote customization platform of its clients' subscriptions."