Cubic Telecom, a connectivity management supplier to the Internet of Things and automotive industries, has secured $26.4 million in new funding from the European Investment Bank (EIB), the world’s largest international public bank. The financing will support Cubic’s further development of its software connectivity platform – PACE – through investments in R&D.
The new loan was formally agreed at the Department of Finance in Dublin by Barry Napier, Cubic Telecom CEO and Andrew McDowell, European Investment Bank vice president in the presence of Minister for Finance and Public Expenditure, Paschal Donohoe ahead of the EIB-Ireland Financing Group ministerial meeting.
The EIB’s investment brings Cubic Telecom’s total funding to $112 million to date. The funds from EIB will enhance Cubic’s connectivity services and analytics platform to continually address the evolving needs of the automotive market and the wider IoT ecosystem.
“The European Investment Bank is pleased to support Cubic Telecom’s expansion as a leading provider of vehicle Internet connectivity, as part of our new direct financing initiative for innovative, fast growing EU companies. The new €23.5 million ($26.4 million) 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,” said Andrew McDowell, European Investment Bank vice president.
Cubic Telecom was advised by Arthur Cox Solicitors and Trasna Corporate Finance on this transaction.
