Audi and Qualcomm invest â‚¬18m in Cubic Telecom
May 13, 2015
Cubic Telecom, a Dublin-based M2M connectivity platform provider, has secured a €18m co-investment from Audi Electronics Venture, a subsidiary of car maker Audi, and Qualcomm.
Audi and Qualcomm have invested in Cubic’s cloud-based M2M platform. Audi will join existing investors Sierra Wireless, ACT Venture Capital, TPS Investment and Enterprise Ireland. This is Qualcomm's fourth investment in Cubic. Enterprise Ireland, a government development agency, was a very early supporter of Cubic Telecom and its involvement has enabled Cubic to expand into international markets.
Cubic Telecom is focused on enabling seamless global connectivity for enterprises across automotive, computer OEM and retail sectors. Its applications and technologies are embedded at the manufacturing stage, enabling enterprises to offer always-on connectivity anywhere in the world. Cubic is actively working with some of the 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 innovative M2M and automotive companies.
"Audi and Cubic Telecom are strong development partners of new infotainment solutions and intend to connect the models of the Audi brand even better with its environment and the internet in the future,” said Peter Steiner, head of Audi Electronics Venture.
With this round of financing, Cubic Telecom will continue to invest in its 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.
"Cubic's unique technical solution and network reach are ideally suited for the connectivity needs of a variety of products distributed on a global scale, including automobiles, laptops, tablets, medical devices, and IoT and M2M modules,” said Paul Fiskness, senior vice president at Qualcomm. “As an early stage investor in Cubic, Qualcomm is very excited to be partnering with Audi and is looking forward to collaborating with Audi in the future."
Barry Napier, CEO of Cubic Telecom, added: "We appreciate the investment from Audi and Qualcomm as we continue to expand our market presence. The automotive industry is changing faster than ever, and connectivity in the car is at the heart of it. With this new round of financing, Cubic Telecom, along with our strategic partners, will be at the core of this transformative new phase for the automotive industry."
Cubic Telecom was advised by Arthur Cox, KPMG Corporate Finance (Dublin) and Trasna Consulting.
• Audi has teamed up with DHL Parcel and Amazon Prime to develop a parcel delivery service that enables delivery directly to the boot of a customer’s car. The aim is to reduce the age-old problem of parcels being returned to the depot, left with a neighbour or earmarked for re-delivery when a recipient is out.
A pilot project is starting this month in Munich. Called Connect Easy Delivery, it will operate through temporary authorisation for keyless access to the car’s luggage compartment.
“With comprehensive connectivity, we are transforming the car into a service device and integrating it even more closely into the everyday lives of our customers,” said Luca de Meo, board member at the German car maker. “Audi Connect Easy Delivery helps save time and offers more convenience and flexibility – advantages that are increasingly important for the target group of a premium brand.”