LG Electronics on Thursday said it had acquired Israeli automotive cybersecurity startup Cybeleum.
Sibelum, based in Israel’s Tel Aviv, was established in 2016 and provides risk assessment software services. It can scan software components for vulnerability and risk.
The South Korean electronics maker has agreed to buy a 63.9 percent stake in the startup. LG will acquire additional shares of Sybelam by the end of this year, after which the amount will be finalized.
LG has also signed an additional करोड 20 million contract with startups for future equity, which will be used to convert the funds into more shares from the end of 2022 to the first half of 2023.
The current management team at Sybelam will continue to run the company independently and work with its existing automobile and component partners, LG said.
According to the South Korean company, the importance of safety in the automotive industry has become more important as more vehicles are connected to the network. “Because of this, cyber security has become an important barometer for the quality, design, development and driving ability of a vehicle’s life cycle,” the company said.
Through Siebelum’s solution, LG will strengthen the security system in its motor vehicle offerings in the areas of infotainment and telematics. This will make it a reliable partner for automobile manufacturers to break safety regulations in different countries.
LG currently offers a variety of software and vehicle components. Its affiliated LG Display also supplies display panels to automobile companies. Agency