The Israeli start-up Argus Cyber Security, specializing in automotive safety, has just raised $ 26 million (€ 22.9 million) from Magna International, Allianz SE, SBI Group and several investors already in the capital, including Magma Venture Partners and Vertex Venture Capital.
Founded in 2013, the company is developing a “ready to board” solution to protect connected cars against the hacking. On its website, Argus explains in particular that it has developed a solutions algorithm that analyzes all the data traffic in the car network in order to detect a possible malware. Cyber security managers can then gain insight into the irregularities found.
“In the face of growing public concern (…), the automotive industry has clearly adopted a proactive approach to cybersecurity. The projects we have carried out and those we are currently working on, in collaboration with the main car manufacturers and industry players, prove that cybersecurity has become a priority for key decision makers in the industry ”, says Ofer Ben-Noon, co-founder and CEO of Argus.
With this new investment, the company wishes to finance its expansion and strengthen its teams. The market is potentially important since 420 million vehicles in the world should be connected by 2018, according to a study by Idate. This month, Jeep recalled 7,800 vehicles to update the on-board software with a stronger version in the face of possible computer attacks.