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Automotive cyber security firm Argus Cyber Security has gained series B funding worth $26 million as the company looks to respond to market demand and expand its development and customer support teams.

Magna International, Allianz and the SBI Group were the new investors in this round, alongside previous funders Magma Venture Partners, Vertex Venture Capital and RAD Group co-founder Zohar Zisapel.

With the adoption of connected cars and the development of autonomous vehicles, vulnerabilities to car-hacking are on the rise as shown by the “cyber recall” of 1.4 million vehicles witnessed recently. Connectivity is expected to also be seen in hundreds of millions of passenger cars and commercial vehicles in the next few years.

Argus’ offering is a range of cyber security solutions for automobiles and aftermarket connectivity platforms such as OBD-II devices. The offering can be easily embedded and has been tested by the US government.

The Argus Cyber Dashboard provides automakers with situational awareness on the cybersecurity system of their fleets, accurate alerts and allows for real-time response to cyber-attacks. The solution relies on Deep Packet Inspection (DPI) and Big Data patent-pending technologies.

Argus co-Founder and CEO Ofer Ben-Noon said: “Facing growing public concern and emerging regulatory oversight, the automotive industry clearly adopted a proactive approach towards cyber security.

“The projects we have completed and others we are now collaborating on with leading car manufacturers and industry players prove that cyber security has become a top priority for the industry’s key decision makers.”