Israeli startup Argus Cyber Security , which develops cyber systems for the smart car sector, has raised $26 million. The funds will be used to accelerate the development of its cyber security products and to expand its workforce.
The latest round of funding included new three new investors: Canadian firm Magna International, which is one of the largest manufacturers of automotive parts; Munich-based Allianz, the largest insurer in the world; and Japanese financial conglomerate SBI Group.
The initial investors in Argus’ first round of funding Magma Venture Partners, Vertex Venture Capital, and Zohar Zisapel also participated.
Much like watches, which have become ‘smarter’ in the past two years by being connected to the internet, the automotive industry has been preparing for the coming connectivity. The “Connected Cars” category includes a variety of products which collect and analyze data on driver and vehicle behavior, calculate fuel consumption, and report on the vehicle’s condition. But the integration of connected tech carries a significant risk, allowing for cyber attacks to target vehicles and even to control them.
Argus operates in this new sector, providing cyber security for critical automotive systems, like braking and steering, which are integrated into the production lines of various vehicles.
Argus was founded in 2013 by CEO Ofer Ben-Noon, CTO Yaron Galula, and VP R&D Oron Lavi.
Published by Globes [online], Israel business news - www.globes-online.com - on September 10, 2015
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