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Cubic Telecom Calls Up $5.2M in Funding

DUBLIN, IRELAND, Company specializing in global mobile connectivity, has announced today that it has secured $5.2 million in funding from Enterprise Ireland, Qualcomm Incorporated, ACT Venture Capital and TPS Investments.
Cubic Telecom, a company specializing in global mobile connectivity, has announced today (Friday) that it has secured $5.2 million in funding from Enterprise Ireland, Qualcomm Incorporated, ACT Venture Capital and TPS Investments. With this round of financing, Cubic Telecom will further expand its operations globally and continue to invest in its unique software platform and mobile network. The company also announced that it will create more than 70 new jobs over the next 3 years as part of an investment by Enterprise Ireland, supported by the Department of Jobs, Enterprise and Innovation.

Headquartered in Dublin, Ireland, and with offices in the USA, Cubic Telecom is an innovator in global mobile connectivity. Cubic Telecom delivers a unique platform that provides anytime/anywhere access and which works across all operating systems, mobile devices and network technologies. This allows mobile device users to connect to the different wireless access technologies operating in the world today.

As a licensed mobile network operator, Cubic Telecom partners with the world's leading mobile operators to ensure high quality coverage in 230 countries. Cubic Telecom enhances the value chains of its mobile operator partners, content companies and device manufacturers, by providing one simple point of connectivity. Cubic Telecom has been selected by a number of the top Fortune 100 tablet and notebook manufacturers to become their key enabler for global mobile connectivity and will be launching new services with these partners in 2013. Cubic Telecom's applications and technologies are embedded into mobile devices at the manufacturing stage, enabling user-friendly "always on connectivity" anywhere in the world.

Welcoming the announcement Minister for Jobs, Enterprise and Innovation, Richard Bruton TD said: "With this announcement by Cubic Telecom of a successful funding round and new jobs we are once again seeing a great example of the strength of Ireland's indigenous ICT sector. The Government's Action Plan for Jobs specifically targets the ICT sector, which has already added a total of more than 11,000 jobs since this Government took office. I am determined to ensure that, with the right supports from Government, companies like this can continue to start-up, grow and create the jobs we need".

Barry Napier, CEO of Cubic Telecom, said: "This investment demonstrates confidence in Cubic's ability to deliver on our smart connectivity strategy. By working with the largest device manufacturers, chipset suppliers and mobile operators in the world, we have enabled the latest devices and applications to be always connected anytime anywhere. Connectivity must not only be robust, it also needs to be more intelligent and deliver a superior performance on demand. This is our focus at Cubic Telecom. We look forward to expanding the talent immediately within our team"

Commenting on the fundraising, John Flynn, Managing Partner of ACT Ventures said ACT was "excited to be investing in a company so well positioned for rapid growth based on their highly innovative network and strong go-to-market relationships with leading smart device manufacturers looking to embed Cubic Telecom's low cost data connectivity technology into existing and future products".

Commenting on the fundraising, Imran Karim head of investments at TPS said: "TPS is impressed with the capability of the Cubic Telecom Platform with over 340 APIs, which will give OEMs real-time data on customer consumption with no minimum monthly contracts. The traction Cubic Telecom has made internationally with both mobile operators and OEMs firmly underpins the need for this service in market. To have investors like Qualcomm Incorporated, Enterprise Ireland and ACT highlighted that this is a Company which is serious in their space."
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