Argus Cyber Security, which pioneers automotive cyber security systems, has raised $4 million in Series A funding. The round included investments from Magma Venture Partners and Vertex Venture Capital and prominent investors including Zohar Zisapel.
As cars become connected to the Internet and to external devices such as smartphones, smart keys, diagnostic tools and other vehicles, the more vulnerable they are to cyber-attacks. These malicious intrusions may compromise a vehicle's Electronic Control Units (ECUs), allowing manipulation of a car's engine, brakes, airbags and other safety systems or vehicle components.
Argus provides the automotive industry a unique Intrusion Prevention System (IPS), based on patent-pending Deep Packet Inspection (DPI) algorithms. It prevents a vehicle's critical components from being hacked in real-time and is seamlessly integrated into any vehicle production line. The Argus IPS also generates reports and alerts for remote monitoring of a vehicle's cyber health.
Magma General Partner Ran Achituv and Vertex General Partner Yoram Oron are joining Argus's board.
Argus Chairman and Co-Founder Zisapel said, "Argus helps car manufacturers and their suppliers promote innovation and vehicle connectivity by mitigating the rising risk to human lives and property. This will enable manufacturers to avoid costly and massive recalls. I am certain that Argus will bridge the huge security gap facing the automotive industry with its innovative and robust technology."
Argus CEO and Co-Founder Ofer Ben-Noon sauid, "In a world of connected cars, car-hacking is an unavoidable hazard. Argus helps the automotive industry keep passengers' safety a top priority and comply with emerging cyber-security regulatory requirements."
Published by Globes [online], Israel business news - www.globes-online.com - on September 29, 2014
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