SEOUL, KOREA, May 26, 2022 — AUTOCRYPT, a leading secure mobility and V2X communications company, has raised a $25.5 million Series B round, with post-money valuation of $120 million. Leading backers included Korea Asset Investment Securities, Ulmus Investment, BSK Investment, Shinhan Venture Investments, JB Asset Management, STIC Ventures, Pathfinder H, and Hyundai Venture Investment.
In 2020, the company closed its Series A round with $15 million and began its Series B round in late 2021 with the goal to expand its V2X offerings globally. Establishing subsidiaries in Toronto, Canada and Munich, Germany, AUTOCRYPT is quickly growing its foothold in Europe and North America, with plans to open its Singapore office later this year.
CEO and co-Founder Daniel ES Kim said in a statement regarding the funding round, “We’re proud of AUTOCRYPT’s progressive growth, and believe the investments are a reflection of the tremendous amounts of effort we have put into cultivating relationships in this rapidly changing industry of connected mobility.”
Kim continued regarding AUTOCRYPT’s plans for the next year, remarking, “We believe secure V2X will be the key to wider adoption of autonomous driving – this means implementing secure V2X connectivity in not just vehicles, but roads, infrastructure, but also pedestrian devices.” Kim refers to AutoCrypt SCMS, a tri-standard compliant PKI for message verification across all types of end-entities in the V2X environment.
AUTOCRYPT is currently in talks with several public agencies across the globe to implement its V2X security and SCMS for C-ITS projects. AUTOCRYPT already manages security and PKI for all C-ITS projects on the Korean peninsula.
Besides its advancements in V2X security, AUTOCRYPT has also added Security Analyzer™ and Security Fuzzer™ to its in-vehicle systems security solution. Security Analyzer is an SBOM-based software vulnerability analysis platform, protecting vehicle software throughout its entire lifecycle, while Security Fuzzer effectively detects software flaws through smart fuzzing. Both tools are essential for today’s increasingly software-oriented E/E architecture. The company also plans to showcase its newest Plug&Charge (PnC) and EV-related offerings in Oslo at the 2022 International Electric Vehicle Symposium & Exhibition (EVS35).