Cybellum <http://www.cybellum.com/> , Israeli automotive cybersecurity startup that offers a risk assessment software that can scan software on vehicle components for vulnerabilities and risks, has been acquired by South Korean tech giant LG Electronics in a $140 million deal. The deal allows LG to assume an approximate 64 percent stake in the tech company a strategic move that will enhance LG’s cybersecurity capabilities and accelerate its efforts to become an Innovation Partner for Future Mobility.
According to Slava Bronfman, CEO and Co-founder at Cybellum, the nature of the deal is two-fold benefiting Cybellum in operations and market growth. LGE will take an investment position in Cybellum. The proceeds from the financing will be used for expansion of Cybellum’s infrastructure and ongoing R&D and market development. LGE will also become a Cybellum customer, as organizations within the broad LGE require solutions for product security where Cybellum offers value.
For more information on this acquisition, please visit LGE Acquires Cybellum https://www.calcalistech.com/c