Cubic Telecom, a supplier of connected-vehicle technology for the auto industry, has raised $26.4 million from the European Investment Bank in its latest funding round, the company said.
The latest infusion will support the company's r&d efforts for a software connectivity platform for automakers that is compatible with emerging 5G technology.
For motorists, Cubic Telecom's underlying technology ensures that connected systems such as telematics and in-car wifi hotspots work seamlessly across international borders in Europe. For automakers, the company says its eSIM cards enable over-the-air updates at a global scale while accounting for market-by-market regulations and rules.
Investment from the European Investment Bank brings the company's total funding to date to $112 million.
"We continue to rapidly scale our software platform, operations and hiring to accelerate our customers' expansion needs, which is critical, given how fast the automotive and IOT markets are moving," said Cubic Telecom CEO Barry Napier. He called 5G a game-changer for the automotive industry earlier this year during an interview with the Automotive News.
More than 3 million vehicles are already equipped with Cubic's embedded technology, and the company says more than 20 million vehicles will be on the road over the next three years.
Partners of Cubic Telecom include Audi, Mibcrosoft, Panasonic, Qualcomm, and Harley-Davidson. The company's connected technology underpins the latter's LiveWire electric motorcycle set to debut next month.
Cubic Telecom provides the 3G, 4G and LTE cellular data connectivity across 50 countries, through which riders can get vehicle-status alerts, location reminders and charge-station information.
Based in Dublin, Ireland, Cubic Telecom says its software platform reaches more than 180 countries and involves agreements with 75 mobile operators.