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Automotive Cyber Security Pioneer Argus Secures $4M Series A Funding

Led by Magma Venture Partners, Vertex Venture Capital and by the co-founder of the RAD Group Zohar Zisapel, the funding will enhance the development of the company’s innovative security solutions for the automotive industry.

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TEL AVIV, Israel – Argus Cyber Security, a pioneer in automotive cyber security, announced it has raised $4M in Series A funding. The round included Magma Venture Partners and Vertex Venture Capital, two leading venture capital funds, and a group of prominent investors including Zohar Zisapel, founder of the RAD Group.
 
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 can be seamlessly integrated into any vehicle production line. The Argus IPS also generates reports and alerts for remote monitoring of a vehicle’s cyber health.
 
Zisapel, co-founder of the $1.2B RAD Group, has co-founded Argus and serves as its chairman of the board. Ran Achituv, general partner, Magma Venture Partners and Yoram Oron, founder and general partner, Vertex Venture Capital, also joined the company’s board.
 
"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," added Zisapel. "I am enthusiastic to have joined a team of seasoned cyber-security experts. I am certain that Argus will bridge the huge security gap facing the automotive industry with its innovative and robust technology."    
 
Argus Cyber Consulting Services enable carmakers to detect threats and find vulnerabilities in the network elements of any vehicle. Based on Argus services, the automotive industry can adopt a proactive approach to eliminate cyber threats for existing and future vehicle models.
 
"In a world of connected cars, car-hacking is an unavoidable hazard," said 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. As demand and market opportunity grow fast we will use the funds invested to expand our product offering and market reach."
 
 

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