Cubic Telecom has secured EUR23.5m (US$26.1m) in new funding from the European Investment Bank (EIB).

The investment will support Cubic’s further development of its software connectivity platform – Pace – through investments in R&D.

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The new loan was formally agreed at the Department of Finance in Dublin by Cubic Telecom, CEO, Barry Napier, European Investment Bank VP, Andrew McDowell in the presence of Minister for Finance and Public Expenditure, Paschal Donohoe, ahead of the EIB-Ireland Financing Group Ministerial meeting.

The EIB’s investment brings Cubic Telecom’s total funding to EUR100m to date.

The funds from EIB will enhance Cubic’s connectivity services and analytics platform to address the needs of the automotive market and the wider IoT ecosystem. The investment will also support Cubic’s software platform and global network operations expansion and incentivise the creation of new jobs in software and network engineering.

“Cubic Telecom continues to be amongst our country’s most innovative technology pioneers,” said Donohoe. “I am delighted to see this rapidly-growing Irish company attracting prominent foreign direct investment into Ireland and offer Cubic our continued support.”

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For his part, Napier added: “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.

“With this investment from the European Investment Bank, Cubic will deliver on its software roadmap to enable any cloud provider secure global connectivity directly on the chipset, hardware or device while having ‘5G-ready’ to optimise future functions.”

Cubic Telecom’s software platform spans more than 180 countries and 75 mobile operator partnerships, with around 3m devices already powered by Cubic’s connectivity solution.