Cubic Telecom Secures $5.2 Million from Enterprise Ireland, Qualcomm Incorporated, ACT Venture Capital, TPS Investments
24th May 2013
- Cubic Telecom delivers a unique platform that enables users to access content on their mobile devices anywhere in the world.
- Cubic Telecom has been selected by a number of the top Fortune 100 tablet and notebook companies as their key provider of global mobile connectivity.
- The Cubic Telecom platform is integrated with the world’s leading mobile operators, ensuring the best quality of global coverage.
- Over 70 new high quality jobs to be created within the next 3 years.
Dublin, Ireland, Friday 24 May 2013 – Cubic Telecom, a company specialising in global mobile connectivity, has announced today that it has secured $5.2 million in funding from Enterprise Ireland, Qualcomm Incorporated, ACT Venture Capital and TPS Investments. With this round of financing, Cubic Telecom will further expand its operations globally and continue to invest in its unique software platform and mobile network. The company also announced that it will create more than 70 new jobs over the next 3 years as part of an investment by Enterprise Ireland, supported by the Department of Jobs, Enterprise and Innovation.
Headquartered in Dublin, Ireland, and with offices in the USA, Cubic Telecom is an innovator in global mobile connectivity. Cubic Telecom delivers a unique platform that provides anytime/anywhere access and which works across all operating systems, mobile devices and network technologies. This allows mobile device users to connect to the different wireless access technologies operating in the world today.
As a licensed mobile network operator, Cubic Telecom partners with the world’s leading mobile operators to ensure high quality coverage in 230 countries. Cubic Telecom enhances the value chains of its mobile operator partners, content companies and device manufacturers, by providing one simple point of connectivity. Cubic Telecom has been selected by a number of the top Fortune 100 tablet and notebook manufacturers to become their key enabler for global mobile connectivity and will be launching new services with these partners in 2013. Cubic Telecom’s applications and technologies are embedded into mobile devices at the manufacturing stage, enabling user-friendly “always on connectivity” anywhere in the world.
Welcoming the announcement Minister for Jobs, Enterprise and Innovation, Richard Bruton TD said: “With this announcement by Cubic Telecom of a successful funding round and new jobs we are once again seeing a great example of the strength of Ireland’s indigenous ICT sector. The Government’s Action Plan for Jobs specifically targets the ICT sector, which has already added a total of more than 11,000 jobs since this Government took office. I am determined to ensure that, with the right supports from Government, companies like this can continue to start-up, grow and create the jobs we need”.
Barry Napier, CEO of Cubic Telecom, said: “This investment demonstrates confidence in Cubic’s ability to deliver on our smart connectivity strategy. By working with the largest device manufacturers, chipset suppliers and mobile operators in the world, we have enabled the latest devices and applications to be always connected anytime anywhere. Connectivity must not only be robust, it also needs to be more intelligent and deliver a superior performance on demand. This is our focus at Cubic Telecom. We look forward to expanding the talent immediately within our team”
Commenting on the fundraising, John Flynn, Managing Partner of ACT Ventures said ACT was “excited to be investing in a company so well positioned for rapid growth based on their highly innovative network and strong go-to-market relationships with leading smart device manufacturers looking to embed Cubic Telecom’s low cost data connectivity technology into existing and future products”.
Commenting on the fundraising, Imran Karim head of investments at TPS said: "TPS is impressed with the capability of the Cubic Telecom Platform with over 340 APIs, which will give OEMs real-time data on customer consumption with no minimum monthly contracts. The traction Cubic Telecom has made internationally with both mobile operators and OEMs firmly underpins the need for this service in market. To have investors like Qualcomm Incorporated, Enterprise Ireland and ACT highlighted that this is a Company which is serious in their space”.
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NOTES FOR EDITORS
About Cubic Telecom – Cubic Telecom is a private mobile operator based in Dublin, Ireland. A key innovator in the new wave of mobile connectivity, Cubic Telecom’s success is driven by its unique platform architecture and partnerships with strategic providers and brands right across the globe. Cubic Telecom is a fully licensed Mobile Network Operator with the capacity to offer instant connectivity for customers or devices - anywhere in the world.
Cubic Telecom has agreements in place to access over 500 mobile operators, which means that it can connect an individual, the customers of an OEM / Retailer or any device to the world - with just a single deal. As Cubic Telecom partners with companies around the world to develop an ever-increasing number and diversity of mobile applications, Cubic Telecom is rapidly redefining what is possible in the field of mobile communications.
Cubic Telecom’s principals include some of the most respected names in the mobile communications sector, who collectively boast over 200 years experience in their industry.
About Enterprise Ireland – Enterprise Ireland is the Irish Government agency charged with developing and promoting Irish enterprise. Enterprise Ireland partners with entrepreneurs, Irish businesses, and the research and investment communities to develop Ireland’s international trade, innovation, leadership and competitiveness. The ultimate objective is increased exports, employment and prosperity in Ireland.
About ACT Venture Capital – ACT Venture Capital makes venture capital investments in entrepreneurial and innovative companies. As well as backing start up and early stage businesses, ACT also invests in more established companies looking to use venture capital to build scale. All of the ventures ACT backs have the potential to succeed in the global high growth markets. To date ACT has raised over €370m from across multiple funds, from blue chip financial institutions, and invested in 95 Companies.
About TPS Investments Limited – TPS Investments LLC is a low key, private family investment company, with its head office in Dubai. TPS invests primarily through interests in limited partnership positions, in, Growth Capital Private Equity Funds, Expansion Capital Private Equity Funds, Seed and Early Stage Growth Capital Private Equity Funds, Expansion Capital Private Equity Funds, Seed Early Stage Venture Capital Funds and Late Stage Venture Capital Funds.