AUTOCRYPT Closes Series B With $25.5 Million to Expand V2X and In-Vehicle Systems Security for Intelligent Transport

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).

AUTOCRYPT Opens New Corporate Location in Whitby, Ontario as Series B Financing Round Begins

WHITBY, ON, Nov. 29, 2021 — Industry-leading autonomous driving and secure mobility company AUTOCRYPT Co., Ltd. held the official opening ceremony of its new corporate office in Whitby, Ontario, situated at the eastern end of the Greater Toronto Area. 

The opening of this new location comes seven months after AUTOCRYPT established its North American subsidiary, Autocrypt North America Ltd. The office now serves as a regional hub for AUTOCRYPT’s V2X, in-vehicle, Plug&Charge, and secure fleet management business developments. Ontario was chosen for its strategic importance; not only does the province account for 100% of Canada’s light vehicle production, but also sits within the Great Lakes “supercluster”—a region home to the North American automotive industry. 

“We are currently accelerating our talks with OEMs, Tier 1 suppliers, and EV charging providers across the continent,” said Sean HJ Cho, AUTOCRYPT’s President for North America. “This new corporate office brings us closer to local businesses, allowing us to work more efficiently. A lot of progress is being made and we are expecting some breakthrough results very soon.” 

AUTOCRYPT’s CEO and Co-Founder, Daniel ES Kim, added, “Our decades-long experience in securing connected tech has allowed us to secure over 3,000 miles of smart roadways and highways. We look forward to utilizing our cybersecurity expertise in bringing not only autonomous driving, but also smart mobility services to Ontario and beyond.” 

After closing a $15-million Series A funding round in late 2020, AUTOCRYPT has since then grown from a 50-member spinoff venture into a mid-size scale-up of over 140 employees, with clients and partners from some of the world’s top 10 OEMs and Tier 1 suppliers. It is now expanding its market reach in North America and Europe through a Series B financing round, opening doors to global investors. 

To find out more about AUTOCRYPT’s business and solutions, contact global@autocrypt.io

AUTOCRYPT Brings V2X and In-Vehicle Security to Europe with New Munich Office

MUNICH, June 28, 2021 — AUTOCRYPT Co., Ltd., a leading mobility security solutions provider, announced the opening of its first European office in Munich, Germany in June 2021. The new office, AUTOCRYPT Technologies GmbH, is expected to play a key role in the company’s active work with European OEMs on building V2X, in-vehicle, and Plug&Charge security solutions, as well as its ongoing discussions to participate in the development of Europe’s Cooperative Intelligent Transport Systems (C-ITS).

Currently in talks with several European OEMs and Tier 1 suppliers on establishing business development and joint R&D partnerships, AUTOCRYPT chose Munich as its first European hub for its strategic location on the continent. Sitting at the center of both an automotive powerhouse and a massive transcontinental road network, Munich is an ideal contact location for European-based C-ITS developments and Plug&Charge initiatives. 

“Europe will play a large role in the mobility revolution, which will require comprehensive security. Hence our goal is to introduce AUTOCRYPT’s world-class technologies and solutions in V2X, in-vehicle, and Plug&Charge to European OEMs, suppliers, and regulators,” said Daniel ES Kim, AUTOCRYPT’s CEO and co-Founder. “We expect the Munich office to bring us closer to our business partners in Europe, serving as a solid foundation for our long-term plans.” 

european office ceo
AUTOCRYPT’s CEO and Head of Business Development at AUTOCRYPT’s European HQ

As the sole V2X security provider for South Korean C-ITS projects, AUTOCRYPT’s V2X-PKI technology goes beyond the standards of the SCMS and the EU CCMS, with one platform issuing certificates for both. It has also built several in-vehicle security solutions for global OEMs in compliance with the UNECE’s WP.29 regulations on cybersecurity.

Along with its crucial role in constructing security architecture for autonomous driving, Public Key Infrastructure (PKI) is also essential for Plug&Charge in accordance with ISO 15118. As one of the fastest-growing EV markets with over 280,000 public charging points, Europe is at the center of Plug&Charge development. Through its European office, AUTOCRYPT plans to continue strengthening its partnerships with European EV manufacturers, EVSE manufacturers, and charge point operators to secure communication points between vehicles and charging infrastructure. 

With rising demand for automotive cybersecurity solutions, AUTOCRYPT’s end-to-end approach to security allows for companies to easily navigate the complexities of the new mobility landscape.

V2X Security Provider AUTOCRYPT Closes Series A Funding Round with 15M USD, Opens North American Office

TORONTO, CANADA — AUTOCRYPT Co., Ltd., a leading autonomous driving security solutions provider, raised nearly 13 million in a Series A funding round, bringing the total to 15M raised in 2020. Backers included major Korean investors KB Investment, Pathfinder H, Ulmus Investment, Korea Asset, Hyundai Venture Investment Corp., and IBK.

Led by CEO and co-Founder, Daniel ES Kim, AUTOCRYPT has garnered the attention of the automotive industry, providing end-to-end vehicle security for connected and autonomous vehicles and surrounding infrastructure. The company currently secures all smart roadways and highways in South Korea, totaling over 5000 kilometers. Kim stated that with the funding, “AUTOCRYPT plans not only on enhancing V2X security technology but also in expanding security operations into more Intelligent Transportation Systems (ITS) projects.” He continued, “We are confident that this investment validates the quality of what we have developed and will allow us to continue prioritizing security in connected and autonomous vehicles.”

Due to a rising demand in autonomous and electric vehicle security technology, AUTOCRYPT also announced the opening of its North American office, located in Toronto, Canada. The new branch will allow for AUTOCRYPT’s V2X and Plug&Charge security solutions to be more widely accessible to testbeds, OEMs, Tier-1 suppliers, and automotive software or service providers located in North America. The company is currently in talks with potential partners in the region and plans to begin active business operations in Q2. With its offices now in South Korea, China, Japan and Canada, AUTOCRYPT is also planning to expand into the United States and Europe in 2021.

For more information, contact global@autocrypt.io


Update (January 5, 2022): After closing the $15-million Series A funding round in late 2020, AUTOCRYPT has since opened offices in the United States and Germany. It recently opened its Series B financing round, opening up opportunities to investors worldwide.

AUTOCRYPT Launches C-V2X Solution Demonstrating Interoperability with China C-SCMS Standards

SEOUL, KOREA — AUTOCRYPT Co., Ltd., a leading V2X security solutions provider, announced the launch of its new C-V2X solution, supporting Chinese Secure Credential Management System (C-SCMS) standards. AUTOCRYPT received verification tests for compatibility by the C-V2X working group at China Academy of Information and Communications Technology (CAICT), under the new International Mobile Telecommunications-2020 (IMT-2020(5G)) Standard for 5G networks, devices, and services.

China currently leads the world in usage of LTE communications and currently has the third best-selling automotive brand in the market. The nation has set itself on a progressive path in the automotive industry by standardizing the LTE-V2X communications system throughout the entire country, making it mandatory to implement LTE-based C-V2X technology rather than Dedicated Short-Range Communications, or DSRC, into C-ITS projects. China has promoted active deployment of the technology and has already begun C-V2X technology demonstrations in 30 regions. Wuxi, Tianjin and Changsha cities have been designated as the first main cities in the country to become C-V2X commercialization areas, undergoing major developments.

Last month, AUTOCRYPT’s solution was verified for interoperability by the China Industry Innovation Alliance for Intelligent and Connected Vehicles (CAICV), undergoing testing for “four-layers” interoperability between OEM, OBU terminal, V2X communication module, and PKI to comply with C-SCMS standards.

Overseas solutions providers often face challenges in entering market as China’s regulations for C-SCMS differ from existing standards. Unlike the existing SCMS structure, China’s SCMS (C-SCMS) standards utilize a Certificate Trust List (CTL) which configures trust relationships between several PKI (Multiple Root CA) systems. Additionally, C-SCMS allows the download of a security certificate without a registration certificate, further requiring stability measures to be implemented into the protocol.

AUTOCRYPT’s C-V2X security solution has met the challenge to demonstrate compliance, verifying the new solution’s C-SCMS technical standards, making AUTOCRYPT’s security solutions ready for implementation into the country’s Cooperative Intelligent Transport Systems (C-ITS) projects.

CEO and co-Founder Daniel ES Kim remarked, “When it comes to autonomous vehicles and their secure operation, it is essential to ensure compliance with the standards set by the governing parties.” He continued, “AUTOCRYPT currently leads the field in terms of C-ITS security projects, and with this interoperability verification, we are confident that our C-V2X based autonomous driving security solutions will continue to contribute to C-ITS deployment and development in China.”

AUTOCRYPT Releases a Major Update to its BSM Verification V2X Technology

Enhanced hybrid V2X Technology for BSM Verification Effectively Advances the Mobility Security Standards for OBU, Network Software, and Chipset Providers

SEOUL, South Korea — AUTOCRYPT, a leader in transportation security technologies for connected vehicles, presented a major update to its BSM (Basic Safety Message) verification technology with an advanced version that outperforms at a minimum of 30% enhanced speed and accuracy compared to its major competitors. 

BSM is a packet of data that is utilized when sharing information about a vehicle’s position, heading, speed, and other critical data of the vehicle’s state and predicted path. With faster and safer verification technology, this version will be a massive release for all OBU (On-Board Unit) manufacturers, providers, including those Network Software, and Chipset providers expanding to bolster the industry’s growth ambitions with fast, powerful and reliable automotive security technologies.

With upgraded specifications, AUTOCRYPT’s hybrid mixed-mode technology applied to existing chipset hardware increased efficiency of mobility communications environment. The optimization maximized the capabilities and showed successful V2X security module test results. As a result, AUTOCRYPT is expecting to cultivate the global market with partners via activities such as OmniAir’s Plugfests and lay the foundation for automakers and Tier 1 suppliers alike. 

“The main features of this update are enhanced speed, accuracy, and portability,” said Daniel ES Kim, CEO of AUTOCRYPT. “As the market demands more reliable technology that can be deployed to various layers of OBU production, strategically tapping our resources will not only drive innovation across the entire automotive security industry but also raise performance standards and set trends globally.”

AUTOCRYPT’s V2X solutions are built upon two decades of heritage by industry experts with market-proven expertise in security. The V2X solution has been applied to all C-ITS projects in South Korea since 2016. AUTOCRYPT offers international standards-compliant automotive security solutions that can be customized to meet specific requirements across North America, Europe, and the APAC region including China.