Autocrypt, a South Korea-based developer of security software for autonomous driving systems, has secured almost $13m in series A funding from investors including financial services firms IBK and Kookmin Bank.
Hyundai Venture Investment Corp, an affiliate of shipbuilder Hyundai Heavy Industries, also took part, as did Pathfinder H, Ulmus Investment and Korea Asset, while Kookmin participated through KB Investment.
Spun off by cybersecurity software provider Penta Security Systems in 2019, Autocrypt has developed technology that secures vehicle-to-everything (V2X) systems which enable vehicles to communicate with traffic systems.
The company said the round, which it disclosed last week, increased its overall funding in 2020 to $15m. Autocrypt’s co-founder and CEO, Daniel ES Kim, added: “Autocrypt plans not only on enhancing V2X security technology but also in expanding security operations into more Intelligent Transportation Systems projects.
“We are confident that this investment validates the quality of what we have developed and will allow us to continue prioritising security in connected and autonomous vehicles.”
