LG The South Korean company has acquired Israeli startup Cybellum, which offers risk assessment software that scans automotive vehicles for security vulnerabilities.
Through Cybellum's solutions, LG will look to beef up the security systems on its automotive offerings in the areas of infotainment and telematics, the company said, to preempt security regulations in various countries and become a reliable partner to automobile manufacturers.
LG has also signed an additional contract, worth $20 million, with the startup for future equity that will see the funds be converted to more shares from the end of 2022 to the first half of 2023.
Cybellum's current management team 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 security in the automotive industry has become more important as more vehicles connect to networks. Due to this, cybersecurity has become an important barometer for the quality of a vehicle's life cycle, along with design, development and driving capabilities, the company said.
Through Cybellum's solutions, LG will look to beef up the security systems on its automotive offerings in the areas of infotainment and telematics, the company said, to preempt security regulations in various countries and become a reliable partner to automobile manufacturers.
LG currently offers various software and components for vehicles. Its affiliate LG Display also supplies display panels to automobile companies.