Argus Cyber Security, a leading automotive cyber security startup has raised $26 million in Series B round of funding led by three major investors Magna International, Allianz SE, the SBI Group along with the existing investors Magma Venture Partners, Vertex Venture Capital and Zohar Zisapel, co-founder of the RAD Group.
Founded in 2013 at Tel Aviv, Argus is a cyber security company that helps car makers, their Tier 1 suppliers and aftermarket connectivity providers protect connected cars and commercial vehicles from car-hacking. Started by cyber security experts, the solutions provided by the company is a combination of innovative security methods and proven computer networking know-how with in-depth understanding of automotive best practices. The solutions are US government tested, ready-to-implement solution suite for automobiles.
“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 of Argus. “This new round, made by weell-respected investors at a unique market inflection point, is a vote of confidence in Argus’ technology and its team. As demand for Argus solutions increases, we will use the funds invested for accelerating the development of our product offering, and strengthen our market reach.”
With the fresh funds raised through this round, Argus plans to expand their development work as their demand is growing very fast. It also plans to make changes and improve its customer support. Operating in Stuttgart, Germany, Tokyo, Japan, Silicon Valley and Michigan, the company raised a previous funding of $4 million last September.