Ireland-based mobile technology developer Cubic Telecom raised €18m ($20.3m) from investors including Audi Electronics Venture, a subsidiary of car manufacturer Audi, semiconductor maker Qualcomm and wireless technology provider Sierra Wireless on Wednesday.
Venture capital firm ACT Venture Capital, TPS Investment Limited and state-backed fund Enterprise Ireland also invested in the round.
Established in 2008, Cubic provides technology that enables always-on, global connectivity for internet of things products. The company focuses on the automotive, retail and computer sectors, where its technology is built into products at the manufacturing stage.
Cubic will use the funding to support continued development of its software and network, and to expand its customer base globally.
The company has raised a total of approximately $35m to date, most recently securing $5m from Qualcomm and Sierra in July 2014. Qualcomm has now invested in Cubic’s last four funding rounds.