Israeli automotive cybersecurity risk assessment startup Cybellium has raised a USD 12 million Series A round, the company said last week.
The financing round was led by RSBG Ventures GmbH with additional investment from Cybellum’s existing investors, Blumberg Capital, and Target Global.
The round brings the company’s total funds raised to USD 15 million.
The investment will enable Cybellum to accelerate its strong growth through expanded sales, marketing, and engineering programs, the company said in a statement. 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.
Founded in 2015, Cybellum works with automotive OEMs and suppliers to identify and remediate security risks throughout the entire vehicle life cycle.
“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. We are grateful to our investors for this vote of confidence and look forward to their continued support.”
Cybellum already partners with ten leading OEMs and tier-1 suppliers in the US, Europe, Japan, and China.
“Until Cybellum, automotive OEMs had no way of automatically validating the cyber resilience of their car’s software components. With cybersecurity threats on the rise, Software Risk Management is becoming ever more critical to the automotive industry,” said Uziel Zontag, RSBG Ventures board of directors 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.”
Last month, the company announced a new strategic partnership with the Renault-Nissan-Mitsubishi Alliance Innovation Lab in Tel Aviv, following a successful proof of concept of Cybellum’s solution.
The strategic cooperation with the Alliance will focus on vehicle-level risk assessment, taking into account the architecture of the vehicle model and the automated assessment of a vehicle’s complex mesh of software and hardware, the companies said in a joint statement.
The Innovation Lab was inaugurated in Tel Aviv’s Park Atidim last year and is working on a number of major areas to develop future mobility: electrification, connected vehicles and services, autonomous driving, and new mobility services, in addition to cybersecurity.
This article first appeared in NoCamels, which covers innovations from Israel for a global audience.