Argus Cyber Security Raises $26 Million in Series B Funding Round To Help Protect Vehicles From Cyber Attacks
Argus Cyber Security, a Tel Aviv, Israel-based startup focused on automotive cyber security, announced on Thursday that it has raised $26 million in Series B funding.
The company 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.
Car manufacturers using its Argus Cyber Dashboard gain situational awareness to the cyber health status of their fleets, receive alerts and respond in real-time to cyber attacks, the company explained.
Using DPI and Big Data technologies, Argus’s platform helps protect against new vehicle cyber threats as they emerge.
Investors in the funding round include Magna International, Allianz SE, the SBI Group and existing investors Magma Venture Partners, Vertex Venture Capital and the Co-Founder of the RAD Group, Mr. Zohar Zisapel.
According to the company, the new funding will support the expansion of its development and customer support teams.
“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 company raised $4 million in a Series A round in September 2014.