Cubic Telecom raises more than €11 million in funding
Irish technology company raises funding from long-term backer Act Venture Capital
Cubic Telecom chief executive Barry Napier founded the company in 2005.
The company develops mobility solutions for internet of things, machine-to-machine and device-manufacturing companies. Its technology allows car manufacturers, in particular, to update mapping and engine software with wireless upgrades that reduces visits to dealerships.
The company has previously raised about €100 million in funding, with the European Investment Bank providing a €23.5 million credit facility last year. Other backers include Audi, chip manufacturer Qualcomm, Enterprise Ireland and the Ireland Strategic Investment Fund, the €8 billion fund which is managed and controlled by the National Treasury Management Agency.
Cubic recorded pretax losses of €12.7 million in 2018, down from €18.9 million a year earlier as it reported an 80 per cent rise in turnover to €19.8 million.
Act Venture Capital, which first backed Cubic in 2013, is one of the most active venture capital firms in the Republic, having raised some €500 million across five funds since it was founded in 1994. It has supported more than 200 company founders in that time and seen 74 exits.
The VC deployed about €20 million of capital locally last year and expects to do similar again in 2020.