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Autocrypt secures funding for expansion

Autocrypt secures funding for expansion

Business news |
By Christoph Hammerschmidt



V2X expert company Autocrypt has closed a USD 25.5 million Series B financing round with a post-money valuation of USD 120 million. The lead backers were Korea Asset Investment Securities, Ulmus Investment, BSK Investment, Shinhan Venture Investments, JB Asset Management, STIC Ventures, Pathfinder H and Hyundai Venture Investment.

Autocrypt is provider of automotive technology and smart mobility technologies. The company claims to be paving the way for C-ITS and autonomous driving through a multi-layered, holistic approach. Through security solutions for V2X, V2G (including PnC security), vehicle systems and fleet management, Autocrypt ensures that security is prioritized before vehicles hit the road.

In 2020, the start-up company had closed its Series A round with $15 million and started its Series B round in late 2021 with the goal of expanding its V2X offering globally. It operates offices in Toronto, Canada, and Munich, Germany, and is now looking to rapidly expand its presence in Europe and North America. The company also plans to open an office in Singapore later this year.

Commenting on Autocrypt’s plans for the next year, CEO and co-founder Daniel ES Kim said, “We believe secure V2X will be key to broader adoption of autonomous driving – that means secure V2X connectivity not only in vehicles, but also on roads, infrastructure and pedestrian devices.” Kim is referring to AutoCrypt SCMS, a tri-standard compliant PKI for message verification for all types of end entities in the V2X environment.

Autocrypt is currently in discussions with several public sector entities around the world to implement its V2X security and SCMS for C-ITS projects. The company already manages security and PKI for all C-ITS projects on the Korean Peninsula.

In addition to its advances in V2X security, Autocrypt has also added the Security Analyzer and Security Fuzzer to its vehicle systems security solution. The Security Analyzer is an SBOM-based software vulnerability analysis platform that protects vehicle software throughout its lifecycle. The Security Fuzzer effectively detects software flaws through intelligent fuzzing. Both tools are essential for today’s increasingly software-centric E/E architecture. The company also plans to showcase its latest Plug&Charge (PnC) and EV offerings at the 2022 International Electric Vehicle Symposium & Exhibition (EVS35) in Oslo.

www.autocrypt.io

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