LG Electronics announced that is acquiring Cybellum, an Israeli automotive cybersecurity specialists that detects and assesses vulnerabilities in connected vehicles services and hardware by way of a ‘digital twin’ approach.
The former electronics market leader makes a move in the cybersecurity as they see a potential growth in the security sector.
What the deal includes?
LG is taking a 64% stake in Cybellum for $140 Million, and it will contribute a further $20 million in the form of a simple agreement for future equity (SAFE) note, reports TechCrunch.
Dr. Kim Jin-yong, president of the LG Electronics Vehicle component Solutions Company said in a statement., “It’s no secret the critical role software plays in the automotive industry and with it comes the need for effective cybersecurity solutions.”
He adds, “This latest deal will further strengthen LG’s solid foundation in cybersecurity, enabling us to be even more prepared for the era of connected cars.”
The startup, Cybellum was founded in 2016 by Slava Bronfman and Michael Engstler, two cybersecurity alums from the Israeli Defence Force.
Leave a Reply