Ireland-based M2M player Cubic Telecom is set to expand its global connectivity network after recieving an €18 million co-investment from car manufacturer Audi and Qualcomm.
The company focuses on the automotive, computer OEM and retail sectors, offering connectivity to enterprises. It also works with tablet and notebook manufacturers such as HP and Lenovo.
The investment marks Qualcomm’s fourth such backing of the company and it and Audi join existing investors Sierra Wireless, ACT Venture Capital, TPS Investment Limited and Enterprise Ireland.
Cubic said it would spend the cash on further developing its software platform and global network, as well as expanding worldwide.
Barry Napier, CEO, Cubic Telecom said: “We appreciate the investment from Audi and Qualcomm as we continue to expand our market presence. The automotive industry is changing faster than ever, and connectivity in the car is at the heart of it.
“With this new round of financing, Cubic Telecom, along with our strategic partners, will be at the core of this transformative new phase for the automotive industry.”
Paul Fiskness, Senior Vice President of Qualcomm’s Structured Finance and Strategic Investments Group added: “Cubic’s unique technical solution and network reach are ideally suited for the connectivity needs of a variety of products distributed on a global scale, including automobiles, laptops/tablets, medical devices and IoT/M2M modules.
“As an early stage investor in Cubic, Qualcomm is very excited to be partnering with Audi and is looking forward to collaborating with Audi in the future.”
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