160 jobs at Irish connectivity unicorn Cubic3 at risk

160 jobs at risk at Irish automotive software firm Cubic3, according to Journal.ie. The majority of the redundancies, around 70, will be in Dublin. Softbank-backed Cubic3, which specializes in connectivity technology for software-defined vehicles, employs around 450 staff members across 19 countries. The redundancies are compulsory, and affected employees are set to receive notice on September 21.

Cubic3, formerly known as Cubic Telecom, has provided connectivity solutions to over 30 million vehicles worldwide. Japanese telecom giant Softbank acquired a majority stake in the company in 2023, backing it with a €473 million investment that catapulted Cubic3 to unicorn status with a value exceeding €900 million. The company has received support from other investors, including Act, Qualcomm Ventures, Audi, and the European Investment Bank.

Employees claim Cubic3 is struggling financially, facing competition from firms offering better deals to clients like Volkswagen, General Motors, and Audi. Pat Phelan, the company's founder since 2005, has been replaced by Shane Sorohan, the long-time chief operating officer, as the new CEO.