NEWS

IncWell invests in global automotive cybersecurity supplier called TowerSec

Thursday, Mar 19, 2015

Tom LaSorda, former CEO of Chrysler Corp. and Fisker Automotive Inc., said his venture capital fund IncWell has invested in a global automotive cybersecurity supplier called TowerSec.

Terms of the investment were not disclosed.

TowerSec was founded in 2012 by a team of Israeli cybersecurity experts and Detroit-based automotive experts.

“We’ve been looking for a solution to the growing cybersecurity threat in vehicles,” LaSorda, 60, said in a statement Tuesday. “The threat is growing rapidly as vehicles are becoming increasingly more connected whether to devices and the Internet of Things or to other connected vehicles. It further intensifies with the continuing development of self-driving or autonomous vehicles. This connectivity puts both lives and personal data at risk.”

One of TowerSec’s main products is Ecushield, which protects the vehicle from cyber threats. It can be used in existing, future and fleet vehicles. It is the only tested software security solution available for immediate use.

It requires no hardware or communication redesign. Ecushield can be integrated into the vehicle to provide continuous monitoring while identifying new threats to the vehicle. This prevents malicious communication from reaching mission-critical systems inside the vehicle.

Birmingham-based IncWell’s partners include dealership and racing mogul Roger Penske, Daimler Chairman Dieter Zetsche, and former R.L. Polk CEO Stephen Polk, among others. It was launched in 2013 and had a first fund of less than $3 million to invest in very early stage technology companies.

 

crainsdetroit.com

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