Automotive Tire, Manufacturing Company Continental Purchases Auto Cyber Security Firm Argus
【Summary】Continental, a large automotive manufacturing company based out of Germany, recently purchased Israel-based company Argus, which specializes in automotive cyber security.
Israel has become one of the major locations for automakers and technology companies looking to develop and research technology behind autonomous vehicles. The country, which is home to numerous companies in the driverless-car field including the giant Mobileye, has become a major player in the autonomous scene, alongside the likes of Detroit and Silicon Valley.
Just like Israel, Germany is home to numerous companies and automakers that are interested in creating autonomous vehicles. Continental, which recently introduced its Cruising Chauffeur tech that's a Level 3 system capable of taking control of the vehicle during highway driving, is a German-based automotive manufacturing company that's known for its car parts and tires. Continental also became one of the first companies to cross international borders in a semi-driverless machine.
Continental Expands With Major Purchase
It's clear to see that Continental, just like many other companies, is hard at work on developing technology that takes drivers out of the equation. And instead of switching its focus to include cybersecurity to ensure that its technology isn't hacked and those of other autonomous cars' aren't either, the German company recently acquired Israel's Argus Cyber Security firm.
"In order to further strengthen and enhance its capabilities in automotive cyber security, the technology company Continental is acquiring Argus Cyber Security, one of the global leaders in this domain," said Continental in a press release.
Hackers are one of the major concerns when it comes to autonomous vehicles and with Baidu claiming that hackers attempted to steal its autonomous-car secrets, it makes sense for a giant like Continental to get an upper hand on the matter with the help of a bespoke cyber security company. And it wasn't like Continental and Argus didn't know each other. According to Automotive News, the two companies have been working together since last month as they jointly launched new tech to deliver over-the-air software updates of cars as part of Continental's Elektrobit subsidiary.
"Only secure mobility is intelligent mobility," said Helmut Matschi, member of the Executive Board at Continental. "With the acquisition of Argus Cyber Security we are enhancing our abilities to directly develop and offer solutions and services with some of the world's leading automotive cyber security experts to our customers around the globe in order to truly make mobility more intelligent and secure."
The purchase price wasn't reported, but Auto News claims that the purchase cost Continental somewhere in the neighborhood of $400 million.
Protection Against Hackers Is Key
The purchase will see the two companies develop multi-layered, end-to-end security solutions and services that are capable of protecting vehicles from unwanted attention throughout their lifespan.
Argus, which was founded back in 2013, has raised a total of $30 million, which includes $26 million two years ago, claims Auto News. The most recent funds were given to Argus by SBI Group, Magna International, Allianz, and Israeli venture capital funds Magma and Vertex, reports the outlet.
With the addition of Argus to its arsenal, Continental has solidified itself as one of the larger players in the autonomous scene and is surely a company to lookout for in the future.
via: Automotive News
Vineeth Joel Patel
Joel Patel has been covering all aspects of the automotive industry for four years as an editor and freelance writer for various websites. When it comes to cars, he enjoys covering the merger between technology and cars. In his spare time, Joel likes to watch baseball, work on his car, and try new foods
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