Internet of Things connectivity provider Cubic Telecom has closed a €40 million Series C investment round.
The new investment, which brings the total funding to €75 million, is funded by four participants, including previous investors Qualcomm Inc and Audi Electronics Venture GmbH. New investors include Valid Soluciones Tecnologicas SAU and Ireland Strategic Investment Fund (ISIF).
Cubic Telecom’s global tier-one network delivers 4G LTE voice and data services in partnership with over 30 mobile operators in more than 180 countries. Its customers include Audi, VW Group, Porsche, HP, Lenovo, Panasonic, Rakuten, Woolworths and Qualcomm Technologies.
“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, chairman and CEO of Cubic Telecom (pictured). “Without exception, our customers are committed to providing an intelligent connectivity experience to their end users, and today’s announcement will help Cubic continue to deliver on that promise.”
Peter Steiner, managing director, Audi Electronics Venture GmbH, said: “We are pleased to strengthen our partnership by participating in this latest funding round. By utilising 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 also announced plans to expand its engineering capabilities at its Dublin headquarters.
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