Home / Automotive Security / Argus Cyber Security raises $26M Series B funding from Magna, Allianz and SBI Group

Argus Cyber Security raises $26M Series B funding from Magna, Allianz and SBI Group

Published: September 13, 2015 | Tel Aviv, Israel

Argus Cyber Security announced it has raised $26M in Series B funding. The round includes Magna International, Allianz SE, the SBI Group and existing investors Magma Venture Partners, Vertex Venture Capital and various others.

As a key driver of the Internet of Things (IoT) Revolution, car connectivity is a rapidly growing market, expected 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 the autonomous car. However, this digital disruption of the automotive industry also creates a growing threat for car-hacking, as connected cars become mainstream. Several recent hacking events, one of them causing the world’s first “cyber recall” of 1.4 million vehicles, prove that the threat is real.

“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”
Ofer Ben-Noon, Co-Founder and CEO at Argus

Argus provides a US government tested, ready-to-embed, cyber security solution suite for automobiles and aftermarket connectivity platforms such as OBD-II devices. Argus solutions prevent a vehicle’s critical systems from being hacked and are seamlessly integrated into any vehicle production line, with no architecture changes needed. Car manufacturers using the Argus Cyber Dashboard gain situational awareness to the cyber health status 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 threats as they emerge, keeping vehicles safe for their entire life span.

Source: Argus

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