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Kim Jin-yong, president of the LG Electronics Vehicle component Solutions Company.
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#CYBER Blue software#
"It’s no secret the critical role software plays in the automotive industry and with it comes the need for effective cybersecurity solutions," said Dr. In July, LG launched a joint venture with Magna International, the world’s third largest auto supplier, to create LG Magna e-Powertrain, boosting the competitiveness and future growth potential of both partnersת" LG's announcement of the acquisition said. In August 2018, LG acquired Austria’s ZKW Group, a leading player in the automotive lighting market. "This investment underscores the importance of this growing category and is a key part of LG’s strategy to strengthen its business portfolio through strategic acquisitions, alliances and partnerships, with a strong focus on its vehicle components business. Israeli cyber security co Cybellum raises $2.5m Cybellum is thus a preventative cybersecurity company, identifying weaknesses and risks and offering ways of fixing them whether in the manufacturing process or after the vehicle has left the factory.
#CYBER Blue code#
New regulation obliges manufacturers, which were previously blind to the source of code of third party systems, to understand the weaknesses of these systems and in effect carry out a process of risk management. Initially it dealt with protection of physical systems of vehicles, but later switched to protecting vehicle software systems, in particular the source code of digital systems, enabling vehicle manufacturers to access software of peripheral equipment to ensure that it does not expose the vehicle to unnecessary risks.
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In its last fund-raising round, in July last year, Cybellum was valued at just $37 million, which means that its value has grown by 600% in about a year.Ĭybellum was founded in 2016 by its CEO Slava Bronfman and CTO Michael Engstler. It allows the company s to relieve the pressure from venture capital funds to realize their holdings, while allowing the employees a longer horizon for future gains, among other things in order to assist in recruiting people, which is currently the hardest task for local technology companies.įor the investors, venture capital firms Blumberg Capital, Target Global, Azure Ventures, and RSBG Ventures (the venture arm of German company RAG), the deal represents a good return on a total investment of $14.5 million over the three years from 2017 to 2020. The sale of a company in parts has become a trend. Cybellum, which currently has 50 employees, 35 of whom are in Israel, plans to double its workforce after the acquisition, which means that the unsold stake will be divided among a larger number of people. Under the sale agreement, LG undertook to buy the rest of the shares in Cybellum at entry points within three or five years, such that the value of the shares that have not been sold, which is $80 million according to the current company valuation, could yet grow, giving the employees and entrepreneurs possible future gains.