DUBLIN -- 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.