Cubic Telecom, a Dublin, Ireland-based global Machine to Machine (M2M) connectivity platform provider, secured €18m in funding.
Backers included Audi Electronics Venture GmbH (AEV), a subsidiary of AUDI AG focused on investing in innovative technologies, and Qualcomm Incorporated (QCOM), a world leader in 3G, 4G and next-generation wireless technologies, which joined existing investors Sierra Wireless, ACT Venture Capital, TPS Investment Limited and Enterprise Ireland.
The company intends to use the funds to continue to invest in its software platform and global connectivity network, as well as to expand operations across the world.
Led by Barry Napier, CEO, Cubic provides a cloud-based machine-to-machine (M2M) platform enabling global connectivity for enterprise customers across automotive, computer OEM and retail sectors via applications and technologies embedded at the manufacturing stage.
The company is actively working with Fortune 100 tablet and notebook manufacturers including HP and Lenovo, and Australia’s number one retailer Woolworths.