Image courtesy: AJU Buisness
It purchased an Israeli cyber security firm, Cybellum, from LG Electronics on Thursday. Based in Tel Aviv Cybellum was established in 2016 and provides risk evaluation software that scans vulnerabilities and dangers to vehicle components.
The electronics company in South Korea struck a partnership agreement to purchase 63.9% of its shares. By the end of the year, LG will also purchase Cybellum’s further shares and the sum is then finalised. LG also inked an additional $20 million deal with the future equity start-up, which would translate the money into further stock between late 2022 and the first part of 2023.
It purchased an Israeli cyber security firm, Cybellum, from LG Electronics on Thursday. The present management team of Cybellum will continue to independently operate the firm and collaborate with its current automotive and component suppliers, says LG.
The necessity of security in the automotive sector has become increasingly crucial, according to the South Korean business, as more cars interact with networks. This means that cybersecurity, together with design, development and motoring skills, has become an essential gauge for the quality of the life cycle of a vehicle.
With the help of Cybellum’s solutions, Cybellum aims to strengthen its automotive safety systems in the fields of infotainment and telematics, he says, so that safety standards in several nations are preempted and car manufacturers can be trustworthy partners.
LG now provides different software and car components. The LG Display affiliate also supplies automotive businesses with display panels. In July, a joint venture was created with Magna International, aiming at providing components and systems for electric powertrains to vehicles. In March, LG formed a joint venture with Luxoft, a subsidiary of DXC Technology, which provides automotive solutions based on the webOS Auto platform.