Cybellum Closes $12M in Series A Funding to Redefine Automotive Cybersecurity Risk Assessment
TEL AVIV, Israel, July 28, 2020 /PRNewswire/ -- Cybellum, a leader in Automotive Cybersecurity Risk Assessment, today announced a $12 million round A funding, bringing 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.
The funding was driven by investors' excitement over customer and partners engagements, resulting from Cybellum's unique automotive cyber risk assessment technology. The investment will enable Cybellum to accelerate its strong 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.
Introduced by co-founders Michael Engstler and Slava Bronfman in 2018, Cybellum's Automotive Risk Assessment helps the automotive supply chain to keep its promise to the customer - that every single car component was thoroughly inspected and found to be completely safe and mostly - secure.
To achieve this, Cybellum developed a revolutionary 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.
It creates a full, detailed Digital Twin, including even the smallest details of each software component. With the complete Digital Twin on file, Cybellum continuosly scans for new emerging vulnerabilities, identifying potential threats impacting certain makes, models, and manufacturing series. That way, automotive security teams make sure that their cars are as secure as possible, no matter which car it is or how long it's been on the road.
"Until Cybellum, automotive OEMs had no way of automatically validate 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 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."
"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 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, help the Alliance brands to manage the risk accurately, save time and manpower, and be competitively prepared for upcoming regulations.
Cybellum empowers automotive OEMs and suppliers to identify and remediate security risks at scale, throughout the entire vehicle life cycle. Our agentless solution scans embedded software components without needing access to their source code, exposing all cyber vulnerabilities. Manufacturers can then take immediate actions and eliminate any cyber risk in the development and production process, before any harm is done, while continuously monitoring for emerging threats impacting vehicles on the road. Cybellum already partners with 10 leading OEMs and Tier-1 suppliers worldwide. Read more at www.cybellum.com