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 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 Wi-Fi hot spots 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.
The investment brings the company's 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 during an interview with the Automotive News this year.
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, Microsoft, Panasonic, Qualcomm and Harley-Davidson. The company's connected technology underpins Harley's LiveWire electric motorcycle set to debut next month.
Cubic Telecom provides 3G, 4G and LTE cellular data connectivity across 50 countries, through which riders can get vehicle-status alerts, location reminders and charge-station information.
Cubic Telecom, based in Dublin, says its software platform reaches more than 180 countries and involves agreements with 75 mobile operators.