By 2020, an estimated 75 percent of cars will be internet-connected worldwide, according to estimates from the FBI, Department of Transportation and the National Highway Traffic Safety Administration.
That connectivity will allow drivers to tap into life-saving safety features and make self-driving cars a reality. But it also makes vehicles vulnerable to malicious hackers.
There hasn’t been a malevolent hack against connected cars en masse yet. And one Israeli startup called Karamba Security wants to keep it that way. Karamba has raised a $12 million Series B round of funding led by the company’s existing investors, Fontinalis Partners, which is Bill Ford’s mobility-focused fund, as well as YL Ventures, a firm that backs Israeli startups aiming to grow their business in the U.S. Karamba also added new investors in their Series B round, including Paladin Capital Group, Liberty Mutual Strategic Ventures, Presidio Ventures and Asgent.
Paladin’s Managing Director Chris Inglis, who previously served as the deputy director and COO of the National Security Agency, said: “There are enormously positive transformational changes tech is bringing about. Think about the things autonomous cars will do for us! But we have to build security in from the beginning, not as an applique afterwards.”
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