Dublin-based Cubic Telecom has secured €23.5m in new funding from the European Investment Bank (EIB).

The company said the new funds will support the development of its software connectivity platform - PACE - through investments in research and development. 

It will also support its global network operations expansion and incentivise the creation of new jobs in software and network engineering, the company added.

The investment by the EIB brings Cubic Telecom's total funding to €100m to date. 

Cubic provides mobility solutions that power connectivity for leading Internet of Things, machine-to-machine (M2M) and connected device companies across the globe.

Its technology is paving the way for autonomous vehicle technologies and innovative LTE connectivity solutions to become mainstream.

About three million devices are already powered by Cubic's connectivity solution and its software platform is used in more than 180 countries.

Cubic Telecom's CEO Barry Napier said the company continues to rapidly scale its software platform, operations and hiring to accelerate its customers expansion needs.

He said this is 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," the CEO added.

Andrew McDowell, the European Investment Bank's Vice President, said the new funding will enable Cubic Telecom to continue to invest in innovation and create highly specialist jobs in Ireland.

He said this will strengthen the European presence and competitiveness in this globally competitive sector.