Israeli automotive cyber security company Cybellum announced a $12 million round A funding on Tuesday, bringing the total investment in the company to $15 million.
The financing round was led by RSBG Ventures GmbH with additional investment from Cybellum existing investors, Blumberg Capital and Target Global.
Introduced by co-founders Michael Engstler and Slava Bronfman in 2018, Cybellum's Automotive Risk Assessment helps the automotive supply chain ensure that every single car component was thoroughly inspected and found to be completely safe and secure.
To achieve this, Cybellum developed a cutting-edge technology that exposes all the software vulnerabilities in the vehicle's different components, without ever accessing their source code. The Cybellum platform monitors every strand of code for their exposure to risk, allowing manufacturers to take action immediately and eliminate any cyber risk before any harm is done.
The platform creates a full, detailed Digital Twin, including even the smallest details of each software component. With the complete Digital Twin on file, Cybellum continuously scans for new emerging vulnerabilities, identifying potential threats impacting certain makes, models, and manufacturing series.
"Until Cybellum, automotive OEMs had no way of automatically validating the cyber resilience of their car's software components. With cyber security threats on the rise, Software Risk Management is becoming ever more critical to the automotive industry," said Uziel Zontag, RSBG Ventures BOD representative.
"Having no access to the source code of the different vehicle components makes it almost impossible to discover and mitigate underlying cyber risks. Cybellum's technology addresses this specific challenge, allowing the automated, continuous vulnerabilities management across the entire automotive supply chain," he added.
The investment will now enable Cybellum to accelerate its growth through expanded sales, marketing, and engineering programs. Additionally, it will enable the adoption of Cybellum's Risk Assessment platform and Digital Twin approach by more industries, enabling them to scale vulnerability management operations.
"Our mission is to help automotive manufacturers effectively assess and mitigate the real threat in their products, and the completion of our funding is perfectly timed to meet the growing demand for our Risk Assessment platform," said Slava Bronfman, CEO of Cybellum. "Recently, we've seen a need for our solution in other industries that also face the challenges underlying embedded components, like industrial IOT, medical equipment, aviation, and others. This funding round will help us expand our footprint in the automotive industry and introduce our technology to additional industries."
Cybellum already partners with 10 leading OEMs and Tier-1 suppliers in the USA, Europe, Japan and China.
A few weeks ago, the Company announced a strategic partnership with the Renault-Nissan-Mitsubishi's Innovation Lab, the world's leading automotive alliance. This strategic cooperation will bring to the market the first solution that can calculate the risk of a vulnerability in the full vehicle context.