In a major boost to its hopes of being a leader in the future of internet of things (IoT) technology in autonomous vehicles and other platforms, Cubic Telecom has closed a €40m Series C investment round.
Bringing its total investment to €75m, the new round was backed by venture capital firms familiar to the start-up, including Qualcomm and Audi Electronic Ventures, as well as new ones including Valid Soluciones Tecnologicas and the Ireland Strategic Investment Fund (ISIF).
As part of the new investment, Cubic Telecom said that the hiring of 60 new roles announced back in October of last year will be accelerated, with expectations they will be filled over the next 12 months.
It also said that it will help extend the global footprint of its IoT platform where its existing tier-one network is currently partnered with more than 30 mobile operators spanning 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, chair and CEO of Cubic Telecom.
“Without exception, our customers are committed to providing an intelligent connectivity experience to their end users, and [this] announcement will help Cubic continue to deliver on that promise.”
The news confirms last July’s suspicions that Cubic Telecom was set to announce a major funding round, with the company described by Microsoft CEO Satya Nadella last year as “a fantastic example of an Irish start-up”.
Audi and Qualcomm were first announced as investors in the Irish company in 2015 when it closed a funding round of €18m, with the two working together on the car manufacturer’s connected car vision across Europe and the globe.
Meanwhile, as the new Irish investor, the ISIF said it was pleased to invest in a company with serious ambition in the IoT space.
The ISIF’s head of private equity, Fergal McAleavey, said: “We are keen to support growing Irish companies which have strong competitive advantages, global ambitions and, in the case of Cubic, the potential to become a leader in providing IoT [and] machine-to-machine solutions for the world’s leading OEMs.”
This article originally appeared on www.siliconrepublic.com and can be found at: https://www.siliconrepublic.com/start-ups/cubic-telecom-funding-audi-qualcomm
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