Cubic Telecom, the connectivity management supplier to the Internet of Things and automotive industries, announced that it has secured €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 EIB’s investment brings Cubic Telecom’s total funding to €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 incentivize the creation of new jobs in software and network engineering.
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.
Cubic Telecom was advised by Arthur Cox Solicitors and Trasna Corporate Finance on this transaction.