VW teams with former Shin Bet chiefs on cyber security JV

Yuval Diskin from "The Gatekeepers", photo: PR
Yuval Diskin from "The Gatekeepers", photo: PR

Joint venture CyMotive Technologies will develop cyber security products for future autonomous vehicles.

Fervent activity in automotive cyber security continues, led by Israeli high-tech companies. After this field has seen financing rounds totaling dozens of millions of dollars this year, and even one exit made by an Israel firm (for $70 million),Volkswagen announced today that it will found a new automotive cyber security venture, based on Israeli knowledge and technology.

Herzliya-based CyMotive Technologies has been founded by former Israel Security Agency (Shin Bet) chief Yuval Diskin, former head of the agency's Technological Division Tsafrir Kats and former head of Shin Bet's Information and Computerization Division, Dr. Tamir Bechor. In the past few years, some of them acted as consultants to organizations regarding security in general and electronic security in particular. The company will develop cybersecurity products for future autonomous and semi-autonomous cars, which will to a large extent be based on programs and communications with the smart road network and with other vehicles.

At the signing of the agreement on the founding of the new company, Dr. Volkmar Tanneberger, head of Electrical and Electronic Development for Volkswagen said, "The car and the Internet are becoming increasingly integrated. ..we need to expand our know-how in the fields of cyber and security...CyMotive Technologies is a long term investment in cyber security that requires the combined forces of Volkswagen and the cyber security specialists from Israel."

Volkswagen, like other car manufacturers is at present actively engaged in scouting Israel for advanced automotive technologies, as well as relevant software and hardware firms. Furthermore, this year Volkswagen invested $300 million in Israeli carpooling and taxi-hailing application Gett. Sources in this field estimate that by the end of the year further announcements might be published - regarding joint ventures and equity acquisitions in the field of cyber security and specifically automotive cyber security.

Today, Foresight (TASE: FRST), which develops an automotive machine vision technology based on 3D and video analysis, announced that it has signed a memorandum of understandings with one of China's largest car manufacturers. As part of this agreement, this undisclosed manufacturer will run field tests for Foresight's safety solutions; moreover, the possibility of integrating the product in a car manufactured by this company will be examined.

Published by Globes [online], Israel business news - www.globes-online.com - on September 14, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Yuval Diskin from "The Gatekeepers", photo: PR
Yuval Diskin from "The Gatekeepers", photo: PR
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018