Cubic, a leader in global connected software solutions for the Internet of Things (IoT) and automotive industries, has secured €11.1 million in new funding from the leading Irish Venture Capital firm; Act Venture Capital. The investment will support Cubic’s further development of its software connectivity platform – PACE.
Act Venture Capital has been an early investor of the team at Cubic and our technology. The fact that they have expanded their early-stage investment demonstrates the confidence the VC community has in Irish tech companies that have a true global reach. These funds will let the team and I expand into new verticals like our recent partnership with Manna the drone delivery company and enable 5G products. Our aim is to focus on global connectivity solutions while reducing the overall environmental impact on our customers’ end product.
Barry Napier, CEO of Cubic Telecom
We are looking to back visionary founders, such as Barry Napier, that are obsessed with solving big problems, have a deep understanding of their market and the ability to build an incredible product.
John Flynn, Managing Partner of Act Venture Capital
John Flynn, managing partner of Act, and who led the Cubic investment mentioned:
Act is delighted to strengthen our partnership with Cubic. As a seed investor since 2013, we have been privileged to support the leading innovations Cubic has created to become a world leader in IoT Mobile Connectivity. At close to 100% annual revenue growth over the past three years in the explosive market of in-vehicle data, expected to be worth $750b by 2030, we believe Cubic can be the most significant technology company to emerge from Ireland over the coming years.
Act Venture Capital is one of Ireland’s most experienced venture firms having raised €487m across 5 funds. With their latest €100m fund – Act V, they are actively investing in both early-stage (Seed €250k-€750k) and growth stage (Series A, B – €1m-11m+) across all technology sectors in Ireland.
Act VC invested over €20m in 2019 across multiple companies and is seeking to invest another €20m+ this year. Their ability to invest at an early stage and continually support their companies along the journey through multiple fundraises has proven a strong strategy with 4 exits in 2019.
ABOUT ACT VENTURE CAPITAL
Act Venture Capital is a leading and one of the longest established VC firms in Ireland. Act’s investments are technology focused; partnering with visionary founders from start-up to scale-up to create the most promising and innovative companies. Act has raised over €500m across multiple funds and this investment is made from its fifth expansion fund, Act V.
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About Cubic3
Cubic3 delivers smart and secure connectivity solutions for software-defined vehicles (SDVs) and other high-value mobile assets in over 190 countries. Through agreements with more than 90 MNOs, we help OEMs across automotive, agriculture and adjacent sectors solve the complexities of connecting vehicles and assets through different technologies, while complying with regulatory mandates in different countries. As well as solving today’s global connectivity challenges, we provide real-time data and insights through our cloud-based platform that empowers OEMs to innovate, scale, and multiply business opportunities. With Cubic3, our customers gain the tools they need to drive operational efficiencies, create new revenue streams and ultimately thrive in a fast-paced world.
