Israeli startup "Cybellum" is acquired by the South Korean giant LG at a value of $ 220 million

The Israeli cyber company Cybellum is acquired by the Korean giant LG. Seiblum was founded in early 2016 and has raised $ 15 million so far. LG acquires 64% of the company for $ 140 million, at a value of $ 220 million. "The remaining shares will be acquired in the near future, after the company's final valuation," the exit announcement now said. LG will also invest an additional $ 20 million in the company, bringing the company's value to $ 240 million after the money.
Sybelum is a company in the field of car cyber. "We are developing a solution that helps car manufacturers and suppliers manage cyber risk," explains Slava Bronfman, CEO of the company.
Unlike in-vehicle cyber companies that monitor real-time attacks, Cyblum is still in the development phase and identifies weaknesses and failures in computerized systems in the vehicle. "Because the automotive world is complicated and the supply chain is complex, we have developed a method to scan all the 'boxes' that the manufacturer receives, without accessing the source code," Bronfman explains. "We produce digital coordination for each product, its simulation, so that it can be run tests, detection of weaknesses, penetration tests, and so on, and detect any risk that may be exploited by the attackers."
Sableum has been able to partner with companies like Nissan, Jaguar and others, and the company claims it is already at a revenue rate of millions of dollars. LG is a major supplier (Tier-1) of the automotive world to various components, and supplies products such as media systems, monitors and batteries. LG has decided to acquire the specialized company, but leave it as an independent brand and company that can continue to sell directly to customers and support them. "This is LG's first acquisition in Israel in the field of information security, and it is a key part of its strategy to create partnerships that will give it extensive capabilities in the broad field," the press release said.
Seyblum has 50 employees, 35 of them in Tel Aviv. The exit will benefit entrepreneurs Bronfman himself and Michael Angstler, VP of technology, both from Unit 81. The company also invested in the Bloomberg Capital Fund, Target Global and the German RSBG Fund.
The cyber field for cars has already produced several large Israeli companies, as well as a well-known exit: the sale of Argos to Continental in 2017 for $ 430 million. TowerSec in the field was sold to Herman in 2016 for $ 45 million (and the rest of the amount is still a legal dispute).