14 DAY TRIAL // Argus, an Israel-based cyber-security company that targets the automotive sector, has recently announced it raised $26 million / €22.95 million in a Series B funding round.
Argus currently provides US government tested cyber-security solutions that can be added to any smart car and offer basic protection against a series of car hacking attack points.
Their product aims to prevent cyber-security generated car recalls, saving car makers millions of dollars in patching software holes.
The Argus Cyber Dashboard uses Deep Packet Inspection (DPI) to check incoming network traffic to the car's computer, detecting attacks before they occur.
Additionally, all analyzed data is sent to a cloud infrastructure, which helps automotive makers watch over their smart car fleet.
According to the company's announcement, new investors include Magna International, Allianz SE, and the SBI Group.
These join previous investors, who also opted to contribute to this round as well: Magma Venture Partners, Vertex Venture Capital, and the Co-Founder of the RAD Group, Mr. Zohar Zisapel.
"Facing growing public concern and emerging regulatory oversight, the automotive industry clearly adopted a proactive approach towards cyber security," said Ofer Ben-Noon, Co-Founder and CEO at Argus. "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."
Taking into account the large number of car hacking incidents recently reported, this may have played a big role for the company in securing their recent funding round. Previously, Argus raised $4 million / €3.53 million in a Series A funding round in September 2014.