Israel-based internet of things technology producer Argus Cyber Security has received $26m in series B funding from insurance firm Allianz, automotive supplier Magna International and holding company SBI Group.
Vertex Venture Capital, Magma Venture partners and angel investor Zohar Zisapel also contributed funds.
Founded in 2013, Argus is developing cybersecurity technology aimed at connected vehicles, which are increasingly threatened by car-hacking. The platform alarms car manufacturers to emerging threats and enables them to take appropriate action in real-time.
The capital will go towards an expansion of the company’s development and customer support staff.
In September 2014, Magma, Vertex and Zohar Zisapel, as well as other unnamed individuals, provided $4m in series A funding.