Israel based Argus Cyber Security startup, has raised $26 million 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, Zohar Zisapel.
Founded in 2013 Argus technology is a ready-to-embed, cyber security solution for automobiles and aftermarket connectivity platforms. The solution protects a vehicle’s critical on-board systems from being hacked and can be seamlessly integrated into any vehicle product line with no changes required to the vehicle’s architecture. The technology is applicable to any connected vehicle, anywhere in the world.
The new funding will support the two-years-old Argus’ development and customer support teams as market demand dramatically increases.
The digital disruption of the automotive industry has created a growing threat for car-hacking, as connected cars become mainstream. Argus says the recent hacking events, one of them causing the world’s first “cyber recall” of 1.4 million vehicles, prove that the threat is real.
“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.”
Through the new partnership, Magna brings a comprehensive range of automotive electronic systems, as well as safety-critical system design expertise, while Argus delivers its Intrusion Prevention System (IPS) solution and cloud-based monitoring service, resulting in a complete integrated package.