Ireland-based internet-of-things (IoT) platform developer Cubic Telecom raised $47m in series C funding yesterday from investors including mobile semiconductor producer Qualcomm, digital technologies provider Valid Soluciones Tecnologicas and carmaker Audi.
The round also featured sovereign development fund Ireland Strategic Investment Fund (ISIF), while Audi invested through its Audi Electronics Venture subsidiary.
Founded in 2006, Cubic Telecom produces software that helps IoT and machine-to-machine devices connect to the internet and communicate through data, voice or text. In addition to being investors, Audi and Qualcomm are both customers.
The company will use the funding to grow its engineering team while continuing to strengthen its platform and expand internationally.
Barry Napier, Cubic Telecom’s chairman and CEO, said: “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.
“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 of Audi Electronics Venture, added: “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 Telecom has now raised $88m altogether, and Napier told Irish daily the Independent last month the latest round was set to value the company at $200m.
Qualcomm and Audi Electronics Venture took part in Cubic’s last round, a $20.3m round in mid-2015 that included wireless technology provider Sierra Wireless, ACT Venture Capital, TPS Investment and Enterprise Ireland.
Qualcomm, Enterprise Ireland, ACT Venture Capital and TPS Investments had provided $5.2m of funding for the company in 2013 before Qualcomm and Sierra Wireless invested a further $5m the following year.