AUTOCRYPT raises $13M to enhance V2X security technology

AUTOCRYPT 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 and 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.