Argus Cyber Security, an Israeli pioneer in automotive cyber security, recently announced a $26 million Series B funding round. The new funding will support the rapid expansion of Argus’s development and customer support teams as vehicle security market demand dramatically increases.
“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.
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.
The funding 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.
“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,” said Ben-Noon.