Today (Tuesday), Israeli cyber-security startup Cybellum, provider of an automotive cyber-security risk assessment platform, announces $12 million in a Series A funding round led by RSBG Ventures, with existing investors Blumberg Capital and Target Capital chipping in as well.
"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," explains Slava Bronfman, CEO of Cybellum.
Cybellum's risk assessment platform platform creates a virtual replica, or Digital Twin, of each of the vehicle's complex software components. This way, the supply chain can continue uninterrupted while Cybellum safely runs risk assessment to figure out weak points and determine cyber-risk priority, and all without even touching the target organization's code. Cybellum continuously cans for new emerging vulnerabilities, identifying potential threats impacting certain makes, models, and manufacturing series.
"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," said Bronfman .
The funding round came after investors laid hot on the Israeli startup's tail, driven by the company's recent success engaging both customers and partners. It was just at the beginning of July that the Cybellum announced a strategic partnership with Renault-Nissan-Mitsubishi Innovation Lab Tel Aviv, providing the automotive giants with its innovative risk assessment platform that will help save the Alliance brands time, manpower, and money. Including this latest achievement, Cybellum already partners with 10 leading OEMs and Tier-1 suppliers in the USA, Europe,
Japan and China.
"Until Cybellum, automotive OEMs had no way of automatically validate 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."
Founded in 2016 by CEO Slava Bronfman and CTO Michael Engstler . This recent 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.