LG Electronics of South Korea has made an official announcement that it is going to acquire Cybersecurity startup Cybellum for an undisclosed amount. The financial details of the deal are not yet released out on an official note. However, trade analysts estimate LG could offer close to $140 m to the vehicle Cybersecurity startup in order to close the deal by this year’s end.
As companies offering autonomous vehicles have a bright future ahead, those offering security services for such companies will also see a golden future ahead. So, LG Electronics wants to tap the market in advance by acquiring the technology of protecting vehicles from Cybellum against all kinds of cyber threats and thus becoming an Innovation Partner for Future Mobility.
“We are excited to be a part of a world renowned electronics brand from now on and so will join forces to speed up our vision to the future”, says Slava Bronfman, the CEO of Cybellum that was found in 2016 in Tel Aviv, Israel.
Currently, Cybellum is in partnership with Jaguar and Nissan to protect their vehicle portfolio of connected cars from threats lurking in the cyber landscape. Its automated software is said to offer an end to end effective cybersecurity solution to all vehicle manufacturers of connected cars.
Kim Jin Yong, the President of LG Electronics’ Vehicle Component Division, also certified the news the news and added that the new acquisition will help in bolstering the stand of LG in Cybersecurity for driver-less cars.
Note- LG has taken up a secret project of offering connected cars that works similar to the Tesla and Amazon model of driverless cars. However, the project is still in a nascent stage and might take a few years still to see its commercial side.