Ireland: Cubic Telecom closes EUR 23.5 million in funding from EIB
This investment will enable Cubic to be 5G-ready and facilitate cloud providers secure direct access to the chipset, hardware and device.
This investment will enable Cubic to be 5G-ready and facilitate cloud providers secure direct access to the chipset, hardware and device
Cubic Telecom, the leading connectivity management supplier to the Internet of Things and automotive industries, announced today it has secured EUR 23.5 million in new funding from the European Investment Bank (EIB), the world’s largest international public bank. The investment will support Cubic’s further development of its software connectivity platform – PACE – through investments in R&D.
The new loan was formally agreed at the Department of Finance in Dublin by Barry Napier, Cubic Telecom CEO and Andrew McDowell, European Investment Bank Vice President in the presence of Minister for Finance and Public Expenditure, Paschal Donohoe ahead of the EIB-Ireland Financing Group ministerial meeting.
The EIB’s investment brings Cubic Telecom's total funding to EUR 100m to date. The funds from EIB will enhance Cubic’s connectivity services and analytics platform to continually address the evolving needs of the automotive market and the wider IoT ecosystem. The investment will also support Cubic’s software platform and global network operations expansion and incentivise the creation of new jobs in software and network engineering.
“Cubic Telecom continues to be amongst our country’s most innovative technology pioneers,” said Ireland’s Minister for Finance and Public Expenditure, Paschal Donohoe. “I am delighted to see this rapidly-growing Irish company attracting prominent foreign direct investment into Ireland and offer Cubic our continued support. The company’s growing global footprint is impressive, and I congratulate them on this latest investment from the EIB.”
“We continue to rapidly scale our software platform, operations and hiring to accelerate our customers expansion needs – which is critical given how fast the automotive and IoT markets are moving.” said Barry Napier, Cubic Telecom CEO. “With this investment from the European Investment Bank, Cubic will deliver on its software roadmap to enable any cloud provider secure global connectivity directly on the chipset, hardware or device while having ‘5G-ready’ to optimise future functions”.
Cubic Telecom’s software platform spans more than 180 countries and 75 mobile operator partnerships, with circa 3 million devices already powered by Cubic’s connectivity solution. Through Cubic Telecom’s advanced eSIM technology, applications and technologies are embedded into devices at the manufacturing stage, enabling simple logistics and Over-The-Air software updates. This gives manufacturers full visibility into the device’s performance through data analytics.
The European Investment Bank is pleased to support Cubic Telecom’s expansion as a leading provider of vehicle Internet connectivity, as part of our new direct financing initiative for innovative, fast growing EU companies. The new EUR 23.5 million loan will enable Cubic Telecom to continue to invest in innovation and create highly specialist jobs in Ireland, strengthening European presence and competitiveness in this globally competitive sector”, said Andrew McDowell, European Investment Bank Vice President.
Cubic Telecom was advised by Arthur Cox Solicitors and Trasna Corporate Finance on this transaction.