Cubic Telecom receives €23.5m in funding from EIB

18 Jul 2019391 Views

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From left: Andrew McDowell; Minister Paschal Donohoe, TD; and Barry Napier. Image: Andres Poveda

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This investment by EIB brings Cubic Telecom’s total funding to €100m to date.

Today (18 July), Cubic Telecom announced that it has secured €23.5m in new funding from the European Investment Bank (EIB).

The EIB, which is the world’s largest international public bank, provided the funding to support the research and further development of Cubic’s software connectivity platform, PACE.

Cubic Telecom CEO Barry Napier met with EIB vice-president Andrew McDowell and Minister for Finance and Public Expenditure Paschal Donohoe, TD, at the Department of Finance in Dublin. It was here that the new loan was formally agreed upon.

This investment by EIB brings Cubic Telecom’s total funding to €100m to date.

Plans for funding

The funds from EIB will go towards enhancing Cubic’s connectivity services and analytics platform, which aims to 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 incentivise the creation of new jobs in software and network engineering.

Donohoe said: “Cubic Telecom continues to be amongst our country’s most innovative technology pioneers. I am delighted to see this rapidly growing Irish company attracting prominent foreign direct investment into Ireland and offer Cubic our continued support.”

Napier added: “We continue to rapidly scale our software platform, operations and hiring to accelerate our customers’ expansion needs – which is critical given how fast the automotive and IoT markets are moving.

“With this investment from the European Investment Bank, Cubic will deliver on its software roadmap to enable any cloud provider secure global connectivity directly on the chipset, hardware or device while having 5G ready to optimise future functions.”

McDowell, vice-president of the EIB, said: “The new €23.5m loan will enable Cubic Telecom to continue to invest in innovation and create highly specialist jobs in Ireland, strengthening European presence and competitiveness in this globally competitive sector.”

Cubic Telecom’s software platform spans more than 180 countries and 75 mobile operator partnerships, with around 3m devices already powered by its connectivity solution.

Through Cubic’s 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 has previously received investment from Audi Electronics Venture GmbH, Qualcomm, Valid, Enterprise Ireland and the Ireland Strategic Investment Fund.

Kelly Earley is a journalist with Siliconrepublic.com

editorial@siliconrepublic.com