Cubic Telecom, the leading connectivity management supplier to the Internet of Things 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 true global reach,” said Barry Napier, CEO of Cubic Telecom. “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 for our customers’ end product.”
John Flynn, managing partner of Act, and who led the Cubic investment mentioned; “Act is delighted to strengthen our partnership with Cubic Telecom. 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 Telecom can be the most significant technology company to emerge from Ireland over the coming years.”
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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.
“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,” continued John Flynn.
23/01/2020