Cubic Telecom Secures €18 Million Co-Investment from Audi and Qualcomm Inc.
6th May 2015
DUBLIN, Ireland, INGOLSTADT, Germany & SAN FRANCISCO, Calif. – (May 6, 2015) Cubic Telecom, a global Machine to Machine (M2M) connectivity platform provider, today announced that it has secured a €18 million co-investment from Audi Electronics Venture GmbH (AEV), a subsidiary of AUDI AG focused on investing in innovative technologies, and Qualcomm Incorporated (QCOM), a world leader in 3G, 4G and next-generation wireless technologies.
AEV and Qualcomm have invested in Cubic’s leading cloud-based machine-to-machine (M2M) platform. AEV will join existing investors Sierra Wireless, ACT Venture Capital, TPS Investment Limited and Enterprise Ireland. This is Qualcomm's fourth investment in Cubic, highlighting the strength of the partnership between the two organizations. Enterprise Ireland, a government development agency, was a very early supporter of Cubic Telecom and their involvement has enabled Cubic to expand into international markets. Cubic Telecom was advised by Arthur Cox, KPMG Corporate Finance (Dublin), and Trasna Consulting.
Cubic Telecom is focused on enabling seamless global connectivity solutions for enterprise customers across automotive, computer OEM and retail sectors. Cubic's applications and technologies are embedded at the manufacturing stage, enabling enterprise customers to offer always-on connectivity anywhere in the world. Cubic is actively working with some of the world's leading Fortune 100 tablet and notebook manufacturers including HP and Lenovo, and Australia’s number one retailer Woolworths. More recently Cubic expanded its business to partner with some of the most innovative M2M and automotive companies in the world.
With this round of financing, Cubic Telecom will continue to invest in its unique software platform and global connectivity network, in addition to focusing on expanding its operations across the world to meet the demands and global footprint requirements of its rapidly expanding customer base.
Commenting on the investment, Peter Steiner, Head of AEV, spoke about the partnership. "Audi and Cubic Telecom are strong development partners of new infotainment solutions and intend to connect the models of the Audi brand even better with its environment and the Internet in the future."
Paul Fiskness, Senior Vice President of Qualcomm’s Structured Finance and Strategic Investments Group said, "Cubic's unique technical solution and network reach are ideally suited for the connectivity needs of a variety of products distributed on a global scale, including automobiles, laptops / tablets, medical devices and IOT / M2M modules. As an early stage investor in Cubic, Qualcomm is very excited to be partnering with Audi and is looking forward to collaborating with Audi in the future."
Barry Napier, CEO, Cubic Telecom said, "We appreciate the investment from Audi and Qualcomm as we continue to expand our market presence. The automotive industry is changing faster than ever, and connectivity in the car is at the heart of it. With this new round of financing, Cubic Telecom, along with our strategic partners, will be at the core of this transformative new phase for the automotive industry."
About Cubic Telecom
Dublin, Ireland-based Cubic Telecom is a leading cloud-based M2M connectivity platform provider, focused on enabling seamless global connectivity solutions for the IoT and enterprise customers. The company’s applications and technologies are embedded into the device at the manufacturing stage, enabling always-on connectivity anywhere in the world. Cubic’s success is based on its global connectivity and robust real-time billing/rating engine, unique software applications and cloud based management platform. The company has a proven track record of helping business’ develop new revenue streams, allowing them to offer high value services, and the ability to develop an enhanced post-sale relationship. Cubic is actively working with some of the world’s leading Fortune 100 tablet and notebook manufacturers, the world’s top retailer and more recently the most innovative M2M and automotive companies in the world. For more information, visit www.cubictelecom.com.
About Audi Electronics Venture GmbH
Audi Electronics Venture GmbH (AEV) has been developing new technologies for the automobiles of the Audi brand since October 2001. The 100-percent subsidiary of AUDI AG works on new functions and new software, scouts the globe for innovative technologies, invests in progressive startups and cooperates with companies from other industries. In order to meet the challenges of the dynamic high-tech environment, AEV focuses on combining its own strengths with those of its partners. In this way, AEV accelerates its development cycles and thus effectively extends Audi's "Vorsprung durch Technik."
Qualcomm Incorporated (NASDAQ: QCOM) is a world leader in 3G, 4G and next-generation wireless technologies. Qualcomm Incorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a wholly-owned subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm’s engineering, research and development functions, and substantially all of its products and services businesses, including its semiconductor business, QCT. For more than 25 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other.
Press Office, Cubic Telecom