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Automotive cyber security firm Argus secures USD4m Series A funding

Argus Cyber Security, which specialises in automotive cyber security, has raised USD4 million in a Series A funding.

The round included Magma Venture Partners, Vertex Venture Capital and a group of prominent investors including Zohar Zisapel.
 
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 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 is 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. Following this round, Ran Achituv, general partner at Magma Venture Partners, and Yoram Oron, founder and general partner of Vertex Venture Capital, 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," says 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."  

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