Warning: Declaration of plugin_findreplace::addPluginSubMenu() should be compatible with mijnpress_plugin_framework::addPluginSubMenu($title, $function, $file, $capability = 10, $where = 'plugins.ph...') in /home/pg4b1yzvrqqo/domains/test.drivingsalesnews.com/html/wp-content/plugins/find-replace/find_replace.php on line 17

Warning: Declaration of plugin_findreplace::addPluginContent($links, $file) should be compatible with mijnpress_plugin_framework::addPluginContent($filename, $links, $file, $config_url = NULL) in /home/pg4b1yzvrqqo/domains/test.drivingsalesnews.com/html/wp-content/plugins/find-replace/find_replace.php on line 17
Argus Cyber Security Raises $26 Million In Series B Funding | DrivingSales News

Argus Cyber Security Raises $26 Million In Series B Funding

September 11, 2015 0 Comments

argus-logo-650

As one of the key drivers of the Internet of Things (IoT) revolution, car connectivity is a rapidly growing market, which is expected by many to serve hundreds of millions of passenger cars and commercial vehicles within the next few years. This technology, either embedded or aftermarket-based, already supports advanced safety features and improved passenger experience, and will also be the enabler of autonomous cars in the future.

At the same time, the technological advancements in modern vehicle systems create an increased threat for car-hacking as connected cars become more commonplace, with several recent hacking events proving that the potential threat is real.

Now, Israeli-based automotive cyber security company Argus Cyber Security has announced that it 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. The latest funding will support the rapid expansion of Argus’ development and customer support teams as market demand continues to increase dramatically.

Argus was founded in 2013 by cyber security experts, and the company seeks to bridge the gap between car connectivity and security to help make our roads safer. The firm provides a U.S. government tested, ready-to-embed, cyber security solution suite for automobiles and aftermarket connectivity platforms such as OBD-II devices. Argus’ solutions help to prevent a vehicle’s critical systems from being hacked, and the company’s products can be seamlessly integrated into any vehicle production line, thereby requiring no architecture changes.

Auto manufacturers using the Argus Cyber Dashboard gain situational awareness of the cyber health of their fleets, receive pin-point alerts, and respond in real-time to cyber attacks. Based on Deep Packet Inspection (DPI) and Big Data patent-pending technologies, Argus delivers future-proof, adaptable protection against new hacking threats as they emerge, with the intention of keeping cars safe for their entire life span.

“Facing growing public concern and emerging regulatory oversight, the automotive industry clearly adopted a proactive approach toward cyber security,” 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.”

Argus’ research and development is based in Tel-Aviv, Israel, and the company has offices in Michigan, Silicon Valley, Stuttgart and Tokyo.

About the Author:

The DrivingSales News team is dedicated to breaking the relevant and the tough stories affecting car dealers. Have questions for DrivingSales News? Reach the team at news@drivingsales.com.

    Warning: count(): Parameter must be an array or an object that implements Countable in /home/pg4b1yzvrqqo/domains/test.drivingsalesnews.com/html/wp-includes/class-wp-comment-query.php on line 399