Argus Cyber Security Secures $26M Series B Funding
New investors include Magna International, Allianz SE, the SBI Group, with participation of existing investors Magma Venture Partners, Vertex Venture Capital and the Co-Founder of the RAD Group, Mr. Zohar Zisapel. Funding will accelerate the development of Argus' automotive cyber security solutions
TEL AVIV, Israel, Sept. 10, 2015 /PRNewswire/ -- Argus Cyber Security, a pioneer in automotive cyber security, today announced it raised $26M in Series B funding. The round includes Magna International, Allianz SE, the SBI Group and existing investors Magma Venture Partners, Vertex Venture Capital and the Co-Founder of the RAD Group, Mr. Zohar Zisapel. The new funding will support the rapid expansion of Argus' development and customer support teams as market demand dramatically increases.
Car-Hacking a Major Security Gap
As a key driver of the Internet of Things (IoT) Revolution, car connectivity is a rapidly growing market, expected to serve hundreds of millions of passenger cars and commercial vehicles within the next few years. This technology, either embedded or aftermarket based, already supports advanced safety features and improved passenger experience, and will also be the enabler of the autonomous car. However, this digital disruption of the automotive industry also creates a growing threat for car-hacking, as connected cars become mainstream. Several recent hacking events, one of them causing the world's first "cyber recall" of 1.4 million vehicles, prove that the threat is real.
Promoting Car Connectivity without Compromising on Security
Argus bridges the gap between car connectivity and security, helping make the road a safer place. It provides a US government tested, ready-to-embed, cyber security solution suite for automobiles and aftermarket connectivity platforms such as OBD-II devices. Argus solutions prevent a vehicle's critical systems from being hacked and are seamlessly integrated into any vehicle production line, with no architecture changes needed.
Car manufacturers using the Argus Cyber Dashboard gain situational awareness to the cyber health status of their fleets, receive pin-point alerts and respond in real-time to cyber attacks. Based on Deep Packet Inspection (DPI) and Big Data patent-pending technologies, Argus delivers future-proof, adaptable protection against new threats as they emerge, keeping vehicles safe for their entire life span.
Driving Innovation and Keeping People's Safety a Top Priority
"Facing growing public concern and emerging regulatory oversight, the automotive industry clearly adopted a proactive approach towards cyber security. The projects we have completed and others we are now collaborating on with leading car manufacturers and industry players prove that cyber security has become a top priority for the industry's key decision makers", said Ofer Ben-Noon, Co-Founder and CEO at Argus. "This new round, made by well-respected investors at a unique market inflection point, is a vote of confidence in Argus' technology and its team. As demand for Argus solutions increases, we will use the funds invested for accelerating the development of our product offering, and strengthen our market reach."
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Argus is an automotive cyber security pioneer, helping car manufacturers, their Tier 1 suppliers and aftermarket connectivity providers protect connected cars and commercial vehicles from car-hacking. Founded in 2013 by cyber security experts, Argus solutions combine innovative security methods and proven computer networking know-how with deep understanding of automotive best practices. Argus' R&D is based in Tel-Aviv, Israel, with offices in Michigan, the Silicon Valley, Stuttgart and Tokyo. For further information visit www.argus-sec.com
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SOURCE Argus Cyber Security