Cubic Telecom, the Irish High Tech start-up, has today announced that it has secured a combined $5 million investment from Qualcomm Inc, the world’s leading provider of wireless technology and services, and Sierra Wireless, Inc. the global leader in machine-to-machine (M2M) devices and cloud services. Added to earlier financing rounds, the $5M investment brings the company’s total investment to date to $15M. The company is also launching a new funding round to secure a further $15M from potential investors.
Cubic Telecom is a licensed Mobile Network Operator that focuses on providing mobile connectivity solutions for OEMs, M2M devices and some of the world’s leading retailers. The company is actively working with some of the world’s leading Fortune 100 tablet and notebook manufacturers including HP, Lenovo, Panasonic and others, and more recently it has expanded its business to partner with some of the most innovative M2M and automotive companies in the world.
Cubic Telecom’s applications and technologies are embedded into the device at the manufacturing stage, enabling always-on connectivity anywhere in the world. Cubic Telecom is providing the market with smart connectivity solutions, over the air, across all networks, geographies and operating systems.
With this round of financing, Cubic Telecom will continue to invest in its unique software platform and global network, in addition to focusing on expanding its operations across the world to meet the demands and global footprint of its rapidly expanding customer base.
Commenting on the investment, Peggy Johnson, Executive Vice President, Qualcomm said "The Internet of Things (IoT), machine-to-machine (M2M), sponsored connectivity and the era of affordable pre-paid service offerings is upon us, and Cubic Telecom provides a robust, ubiquitous, cross-border platform for device and service manufacturers to launch new innovative products. The Qualcomm investment in Cubic is very much in line with our goal of developing the eco-system necessary for these verticals to grow."
"Cubic Telecom is a leader in providing mobile wireless services to some of Sierra Wireless' top customers, including Lenovo, and Panasonic" said Jason Cohenour, CEO, Sierra Wireless. "Our investment will enable Cubic to accelerate the expansion of its global platform, enabling our joint customers to more rapidly adopt cellular wireless connectivity for both Enterprise and IoT applications."
Barry Napier, CEO, Cubic Telecom said "This investment, coming from two of the world's leading technology organisations, is a testament to the fact that we're following the right strategy and have the right technology. An open platform providing connectivity across all networks, geographies and operating systems is at the top of all OEMs agenda. The Cubic Telecom platform delivers on this and has been tailored with direct input from our customers, investors and partners. The platform technology provides a means for our customers to establish a continuous, post-sale relationship with their customers while generating brand loyalty and more crucially, sustainable incremental revenue streams. He went on to say “This round of investment will enable us to continue to expand to meet current and future demands of our global customers".