New Investment Opportunity: C2A Security
Cybersecurity management for EV and automotive software
- Full lifecycle, automated, comprehensive vehicle cybersecurity through planning, testing and deployment, ready for future regulatory compliance
- New CEO and industry expert leading pivot to cloud-based software outside vehicle in external, centralized security operations center with focus on EV cyber that includes the full EV ecosystem: vehicle, EV charger, grid and network
- Recently signed engagement with a major energy conglomerate; POC with a large US chip manufacturer for out-of-vehicle cloud-based solutions; and an advanced POC with a Japanese Tier-1, engagement with Marelli (a Tier-1 European supplier), and a commercial engagement in the defense sector delivering ~$500K by end 2022
- Up to $8M SAFE led by MoreVC with ~$38.5M cap, 20% discount, up to 100% warrant coverage; all existing investors participating
BOOK A CALL
with your Investor Relations representative
Dear Josb,
Software-defined vehicles, electrification and autonomous driving features make cars increasingly vulnerable to cyber attacks.
OurCrowd is reinvesting in C2A Security, an Israeli company that provides a comprehensive cybersecurity management system for the automotive industry that focuses on the rapidly growing electric vehicle market. The details in this email are based on information received from, and verified solely by, the company.
The Problem
The automotive world is increasingly software driven, with the typical modern vehicle running on an estimated 100 million lines of code, a number that is growing rapidly. Vehicle cybersecurity is a growing concern with vehicular cyberattacks nearly doubling every year. The large increase in electric vehicle (EV) charging stations creates a substantial new attack surface that must be secured.
Additionally, from July 2022 OEMs and Tier-1s in Europe are required to comply with the UN Economic Commission for Europe's WP29 automotive cybersecurity regulation.
The Solution
C2A Security's EVSec is the first comprehensive and automated cybersecurity management system designed for automobiles and EVs that provides OEMs and Tier-1s with the visibility and control needed to meet vehicles' lifelong cybersecurity needs.
The EVSec platform includes C2A Security's process automation, which reduces time and cost for its customers, the creation of a full digital twin to optimize embedded protection, real-time sharing and collaboration between vehicle cybersecurity stakeholders, and a centralized information hub. This allows protecting and managing the vehicle and the critical infrastructure such as the EV charger, networks, and power grid.
New CEO and Go-To-Market Strategy
C2A Security's original focus was on in-vehicle cyber solutions. This route was found to have an extended sales cycle, making it difficult for the company to gain sufficient commercial traction in the desired time frame.
Roy Fridman, the company's new CEO, previously served as CBO at Foretellix, a leading automotive software company. Roy's revised go-to-market strategy brings the software out of the vehicle to an external, centralized security operations center, dramatically reducing time to market. Under Roy's direction the company has shifted focus to electric vehicle cyber that include the full EV ecosystem – vehicles, chargers, electric grids, and networks – a hyper growing market that is adding new attack surfaces and cyber related challenges that are not addressed to date.
C2A Security's EVSec continues to offer embedded cybersecurity tools for out-of-vehicle applications with a focus on EVs. EVSec also includes an EV-charging management solution that extends beyond the vehicle itself to the critical infrastructure around it.
Traction
C2A Security recently signed an engagement with a major energy conglomerate; a proof of concept (POC) with a large US chip manufacturer for out-of-vehicle cloud-based solutions; and an advanced POC with a Japanese Tier-1, engagement with Marelli (a Tier-1 European supplier), and a commercial engagement in the defense sector.
The automotive software market which is forecast to grow from $16.9B in 2020 to $37B in 2025 at a CAGR of 16.9%. The EV market is projected to grow at a CAGR of 21.7% from 8,151 thousand units in 2022 to 39,208 thousand units by 2030. MarketsandMarkets forecasts the EV-charging station market to grow from 2.3 million units in 2022 to 14.2 million in 2027 at CAGR of 44% until 2027.
The Round
OurCrowd has a $1.5M allocation in this up to $8M SAFE led by MoreVC with a ~$38.5M cap, 20% discount, and up to 100% warrant coverage (see Deal Terms for further details). All existing investors are participating. This SAFE will provide runway until Q3 2023 at the current burn rate.
Meet the CEO
We're hosting a webinar/conference call on Wednesday, August 10th, at 6PM Israel / 11AM New York / 8AM San Francisco for investors to meet CEO Roy Fridman and learn more about C2A Security.
The C2A Security Solution
EVSec is designed to achieve C2A Security's vision of a practical approach for automating cybersecurity processes throughout the vehicle lifecycle. Planning, testing, and embedded security can quickly be deployed while reducing the complexity of EV ecosystem security lifecycle management.
EVSec integrates numerous data sources:
- Detects threats through fuzzing, pen testing, automotive threat analysis and risk assessment (TARA), vulnerability analysis
- Processes data with its requirements manager and test management
- Offers static and dynamic code analysis integration
- Embedded Insights to the operational virtual security operations center (VSOC) analyzer and fleet management
- Full digital twin that optimizes embedded protection
Next steps:
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