Dublin's Cubic Telecom raises huge €40m in new funding round
Dublin-based Cubic Telecom has raised €40m in venture capital, one of the highest funding rounds ever by an Irish tech firm.
The new round brings the company’s total funding close to €80m.
The five-year old firm will partly use the money to increase staff counts at its Sandyford headquarters to 160 people, according to chief executive Barry Napier.
The company’s backers include Audi, chip company Qualcomm and the Ireland Strategic Investment Fund (ISIF). The Brazilian tech firm Valid is a new investor.
Cubic Telecom connects cars and computers to mobile networks. It is also heavily investing in new software for other products to connect online, an activity known as the ‘internet of things’.
The company has deals in place with approximately 80 mobile operators around the world. It recently began trials with China Mobile, the world’s biggest operator.
Mr Napier told the Irish Independent that the new funding round has diluted his shareholding to under 50pc of the company.
“Our revenue is growing and that’s the most important thing,” he said. “We’re going after where the revenues really are in the internet of things, not a few cents every month but in segments where customers stay with you for ten years.”
Cubic’s customers include Audi, Volkswagen, HP, Lenovo, Panasonic, Qualcomm and Woolworths.