Cubic Telecom, an Ireland-based connected car technology developer backed by corporates including semiconductor producer Qualcomm, is in the process of closing a $40m funding round, the Irish Independent reported today.
The round was announced by Cubic chief executive Barry Napier, who said the round will value the company at $200m. The company has not officially confirmed details about the funding, which is expected to be closed within weeks.
Cubic Telecom is working on technology that will facilitate reliable communication between individual autonomous vehicles and a network the company is developing, so that individual car manufacturers will not have to rely on different mobile networks to ensure constant connectivity.
The company’s clients include electronic vehicle producer Tesla, which has integrated the technology in approximately 7,500 cars sold in China. Cubic has so far raised $37.1m in funding.
Qualcomm joined Audi Electronics Venture, a subsidiary of carmaker Audi, as well as wireless technology provider Sierra Wireless, state-owned enterprise support agency Enterprise Ireland, ACT Venture Capital and TPS Investment to invest $20m in Cubic in 2015.
Sierra Wireless and Qualcomm had provided $5m in funding for the company in 2014, following a $5.2m round the year before that featured Qualcomm’s corporate venturing arm Qualcomm Ventures, Enterprise Ireland, ACT and TPS.