It's the third cubesat developed at Aalborg University in Denmark. From their homepage:
"The AAUSAT3 educational project was initiated in the fall 2007 - introducing students to all aspects of satellite design and development. The objective of the AAUSAT3 mission is to fly two different types of AIS (Automated Identifications System) receivers. One of the AIS receivers onboard AAUSAT3 is an SDR (Software Defined Radio) based AIS receiver. The other AIS receiver is a conventional hardware receiver. The goal of AAUSAT3 is to investigate the quality of ship monitoring from space."