Monday 24 July 2017

Audi buys stake in Cubic Telecom in €18m round

Audi and US telecoms giant Qualcomm co-funded the deal in return for a significant minority stake in the Irish firm
Audi and US telecoms giant Qualcomm co-funded the deal in return for a significant minority stake in the Irish firm
Gavin McLoughlin

Gavin McLoughlin

German car company Audi is getting a new connectivity system built for it as part of Cubic Telecom's successful €18m funding round.

Audi and US telecoms giant Qualcomm co-funded the deal in return for a significant minority stake in the Irish firm.

"The automotive companies want to provide a range of services and applications to the owner of the car, the passengers of the car - but also to associated companies in the broader automotive industry, such as insurance companies, healthcare providers, emergency repair companies and financial services companies," Cubic commercial director Gerry McQuaid told the Sunday Independent.

"Applications like pay-as-you-drive insurance, accident reporting and accident assessment. They want to provide and enable a whole range of services that can only be done if the car is connected.

"So it ranges from very basic telemetry applications - such as tracking and emergency calls - right the way up to a full WiFi experience inside the car."

"In addition to the investment side of Audi we have a very important solution that we're building... it's a complete in-car solution".

McQuaid said Cubic is focused on working with global multinationals.

"Our focus is on big multinationals. We've got a very healthy set of partnerships, and they want us to do a lot more for them".

He said the company is in talks with a big Japanese company - who he would not name - about a "global connectivity solution for Japanese businesspeople who travel".

Sunday Indo Business

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