Cubit
A technology company that specialises in-the-field auditing and inspection solutions.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor | €0.0 | round | |
| investor investor | €0.0 | round | |
| investor | €0.0 | round | |
NOK11.0m Valuation: NOK100m 4.8x EV/Revenue | Early VC | ||
| Total Funding | 000k | ||
| EUR | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | 309 % | 127 % | 112 % | 75 % | 11 % | 47 % | 36 % |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | - | (11 %) | 5 % | - | - | - | - |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | (16 %) | (32 %) | (9 %) | 10 % | (8 %) | (18 %) | (2 %) |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article
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Cubit AS is a Norwegian software-as-a-service (SaaS) company specializing in automated public service software, particularly for in-the-field auditing and inspection. Founded in Bergen, Norway, in 2017 by Arild Soldal (CEO), Erling Andreas Arnestad (CPO), Olav Nilsen, and Øyvind Bråthen (CTO), the company was established by four former IT consultants from Miles AS, bringing with them a background in modern management philosophy and technical expertise.
The company's primary market is public sector entities, with a notable focus on grid companies and emergency services. Cubit develops software to replace outdated and time-consuming systems, aiming to enhance user experience and operational efficiency for fieldwork. Its revenue model is based on subscriptions to its platform. The company has demonstrated significant growth, with revenues increasing from 15 million NOK in 2022 to 22 million NOK in 2023. A 2021 funding round saw the company raise over 20 million NOK at a valuation of 125 million NOK, with investors including Wiski Capital, linked to Gustav Magnar Witzøe, and Hawk Infinity. By late 2023, the company's valuation had risen to 173 million NOK.
Cubit's platform offers several tailored solutions. "Cubit EL-Safety" is a specific audit solution designed for electrical safety inspections in collaboration with Det Lokale Eltilsyn (DLE), the local electrical inspection authority. Another key product, "Cubit Fire," is a comprehensive fire prevention solution developed with input from firefighters and is used by fire and rescue services in major cities like Bergen and Oslo. The platform also includes "Cubit Property Tax" for valuing property and calculating taxes, and "Cubit MHV" for managing health and environmental risks for municipalities. The business operates with a distributed team model, with employees located in Norway, Lithuania, Belarus, and Belgium, allowing it to source talent globally.
Keywords: public sector software, SaaS, inspection software, audit solutions, electrical safety, grid companies, fire prevention, property tax software, GovTech, automated reporting