Israeli automotive cyber security firm Argus Cyber Security said Monday that it has received $4 million in Series A funding. The investors included Magma Venture Partners and Vertex Venture Capital.
TEL AVIV, Israel, September 29, 2014 /PRNewswire/Led by Magma Venture Partners, Vertex Venture Capital and by the Co-Founder of the RAD Group, Mr. Zohar Zisapel. Funding will enhance the development of the company’s innovative security solutions for the automotive industry.
Argus Cyber Security, a pioneer in automotive cyber security, announced today it raised $4M in Series A funding. The round included Magma Venture Partners and Vertex Venture Capital, two leading venture capital funds, and a group of prominent investors including Mr. Zohar Zisapel.
As cars become connected to the internet and to external devices such as smartphones, smart keys, diagnostic tools and other vehicles, the more vulnerable they are to cyber-attacks. These malicious intrusions may compromise a vehicle’s Electronic Control Units (ECUs), allowing manipulation of a car’s engine, brakes, airbags and other safety systems or vehicle components.
Argus provides the automotive industry a unique Intrusion Prevention System (IPS), based on patent-pending Deep Packet Inspection (DPI) algorithms. It prevents a vehicle’s critical components from being hacked in real-time and is seamlessly integrated into any vehicle production line. The Argus IPS also generates reports and alerts for remote monitoring of a vehicle’s cyber health.
Mr. Zisapel, Co-Founder of the $1.2B RAD Group, who is considered by many as one of the “Founding Fathers” of Israel’s High-Tech Industry, has co-founded Argus and serves as its Chairman of the Board. Following this round, Mr. Ran Achituv, General Partner, Magma Venture Partners and Mr. Yoram Oron, Founder and General Partner, Vertex Venture Capital, joined the company’s board.
“Argus helps car manufacturers and their suppliers promote innovation and vehicle connectivity by mitigating the rising risk to human lives and property. This will enable manufacturers to avoid costly and massive recalls,” said Zohar Zisapel, Co-Founder and Chairman of the Board at Argus. “I am enthusiastic to have joined a team of seasoned cyber-security experts. I am certain that Argus will bridge the huge security gap facing the automotive industry with its innovative and robust technology.”
Argus Cyber Consulting Services enable carmakers to detect threats and find vulnerabilities in the network elements of any vehicle. Based on Argus services, the automotive industry can adopt a proactive approach to eliminate cyber threats for existing and future vehicle models.
“In a world of connected cars, car-hacking is an unavoidable hazard,” commented Ofer Ben-Noon, Co-Founder and CEO at Argus. “Argus helps the automotive industry keep passengers’ safety a top priority and comply with emerging cyber-security regulatory requirements. As demand and market opportunity grow fast we will use the funds invested to expand our product offering and market reach.”
Argus is an automotive cyber security pioneer enabling car manufacturers to protect technologically advanced connected vehicles from current and future malicious attacks. Founded by cyber security experts, former officers of Israel’s 8200 intelligence unit, Argus incorporates both innovative security methods and proven computer networking practices into comprehensive solutions for the automotive industry. http://www.argus-sec.com or visit us at LinkedIn.