Cubic Telecom, an IoT (Internet of Things connectivity platform, is getting some big help this week. The Startup has just raised fresh capital from its largest investment round led by Qualcomm and Audi.

TechCrunch reported earlier that the IoT connectivity platform has received $47 in its latest Series C funding round. The startup’s latest and largest investment round has been funded by Audi Electronics Venture GmbH (a subsidiary of AUDI AG), mobile chipmaker Qualcomm, with some participation from new investors Ireland Strategic Investment Fund and Valid Soluciones Technologicas SAU.

This latest funding round brings the company’s total capital raised to $85.5 million. This funding round also values Cubic Telecom at $215 million, according to TechCrunch.

The fresh capital will be used to continue the refinement of the company’s market-proven IoT platform and expand its global reach. The company also plans to use the new funds to beef up its engineering capabilities in Dublin, Ireland, hiring additional manpower to the company’s headquarters.

A close look at the IoT specialist

Founded in 2005 and based in Dublin, Ireland, Cubic Telecom is a leading IoT connectivity platform that provides mobility solutions that power connectivity for M2M (machine-to-machine), IoT (internet of Things), and other connected devices.

The company’s IoT platform, which delivers high-speed 4G LTE voice and data services enable global scalability with local connectivity.

In addition to IoT platform and mobile solutions, the company also provides networking solutions that allow vehicles and other devices to connect to any service providers in whichever country they happen to be.

Cubic Telecom has also made some partnership with around 30 mobile companies, providing mobile solutions in more than 180 countries. The company’s partners and customers include some of the world’s leading retailers, original equipment manufacturers, M2M, technology and automotive companies. These include Audi, HP, Lenovo, Porsche, Panasonic, Rakuten, Woolworth and Qualcomm Technologies.

According to CrunchBase, Cubic Telecom’s backers include Audi Electronics Venture, ACT Venture Capital, Enterprise Ireland, Ireland Strategic Investment Fund, Qualcomm, Sierra Wireless, TPS Investments, and Valid S.A.

The IoT space is getting more buzz

Cubic Telecom is not the only company that making inroad in the fast-growing IoT space. The Canadian IoT startup Helios Wire is also on the hunt. The startup has already received an additional $4 million in venture capital. The fresh funds will be used to help the company launch its two satellite-based IoT systems in December 2017, according to IoT Tech News.

In addition to Helios Wire, the IoT security solution provider ZingBox is also getting some big help this week.

The company has just announced that it has raised $22 million in its Series B funding round. Dell Technologies Capital and Triventures led that funding round. The IoT security solution provider said that it will use the fresh capital to meet strong demand for its market-leading product IoT Guardian.

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