Argus Cyber Security, an Israeli automobile security company, raised $4 million in a Series A round of funding.
The round of investment was led by Magma Venture Partners, Vertex Venture Capital and by the Co-Founder of the RAD Group, Mr. Zohar Zisapel. Argus says that the new funding will enhance the development of its innovative security solutions for the automotive industry.
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Argus Cyber Security Ltd. calls itself a security pioneer in the automotive industry and was founded by veterans of Israeli Intelligence Unit 8200.
Everybody knows that car alarms don’t work. When was the last time that someone actually thought to intercede to stop a car theft in progress when they heard a car alarm go off? Cars are still successfully stolen everywhere.
Argus incorporates both innovative security methods and proven communication networks practices into comprehensive solutions, enabling OEMs to keep up with ever advancing automotive connectivity without compromising on security. Argus states that it focuses on multiple aspects in its solutions, detecting unauthorized access, securing remote connectivity, reporting irregularities and keeping up with new threats as they emerge.
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 Cyber Consulting Services enable carmakers to detect threats and find vulnerabilities in the network elements of any vehicle..
“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.”
“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.”