Argus Cyber Security Raises $4 Million in Series A Funding Round
Argus Cyber Security, a Tel Aviv, Israel-based startup focused on automotive cyber security, announced on Monday that it has raised $4 million in a Series A round of funding.
Argus offers and Intrusion Prevention System (IPS) that leverages Deep Packet Inspection (DPI) algorithms to help prevent a vehicle's critical components from being hacked, which the company says can be integrated into any vehicle production line.
The Argus IPS also generates reports and alerts for remote monitoring of a vehicle's cyber health, the company said.
According to the company, the funding will be used to support the development of its automotive security solutions and market reach.
"Argus helps car manufacturers and their suppliers promote innovation and vehicle connectivity by mitigating the rising risk to human lives and property,” explained Zohar Zisapel, Co-Founder and Chairman of the Board at Argus. “This will enable manufacturers to avoid costly and massive recalls.”
The company also offers consulting services to help carmakers detect threats and find vulnerabilities in the network elements of vehicles.
"In a world of connected cars, car-hacking is an unavoidable hazard," added 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."
Cyber threats to automotive systems are not necessarily new, but are becoming more of an issue as cars become connected to the Internet and to other devices such as smartphones, smart keys, diagnostic tools and other vehicles.
A number of security researchers have demonstrated the ability hack into modern vehicles to manipulate steering, acceleration, speedometers and safety sensors, sparking concerns that malicious attackers could use similar techniques to compromise a vehicle's Electronic Control Units (ECUs) allowing manipulation of a car's engine, brakes, airbags and other safety systems or vehicle components.
In August, a group of security researchers launched an initiative called "I am the Cavalry" in an effort to convince automakers to implement security programs aimed at making cars more resilient to cyberattacks.
Acknowledging emerging digital threats and the need to protect electronic systems powering vehicles, General Motors earlier this month appointed Jeffrey Massimilla as chief product cybersecurity officer.
The $4 million founding round included Magma Venture Partners, Vertex Venture Capital and Zohar Zisapel, Co-Founder of the RAD Group.