EIB backs Irish tech firm Cubic Telecom with €23.5m funding

The loan can either be converted into equity or paid back in full, said chief executive and founder Barry Napier.

Cubic Telecom has 140 staff in six offices worldwide and is privately held. It has received close to €80m in funding.

Existing Investors in the group include Audi Electronics Venture, Qualcomm, Valid, Enterprise Ireland and the Ireland Strategic Investment Fund.

Cubic customers include the likes of Audi, Volkswagen, HP, Lenovo, Panasonic, Qualcomm and Woolworths and it recently added Skoda as a customer.

The Irish company has agreements with 78 mobile networks around the world, which it uses to help companies connect their products or services online.

Its technology has been rolled out in several car companies, including Audi and Volkswagen.

It has also formed a close working relationship with Microsoft and recently announced a 'cloud to chip' solution.