TowerSec
Automotive Cybersecurity Solutions
Company Overview
Snapshot
Founded in March 2012 by Guy Ruvio, Saar Dickman, and Yuval Weisglass, TowerSec operated with 11–50 employees. The company raised $2.5M across one funding round from IncWell. A significant milestone for the company was its acquisition by Harman International Industries in January 2016.
Business overview
TowerSec, now a Harman company, specializes in providing onboard cybersecurity software products for OEMs, suppliers, and aftermarket telematics manufacturers. Leveraging deep experience in traditional IT security and embedded security, the company offers solutions for connected and autonomous vehicles. Its product suite includes ECUSHIELD for in-vehicle detection, TCUSHIELD for secure internet communication, and a Cybersecurity Dashboard for security information and remote updates, safeguarding against cyberattacks exploiting cellular channels. TowerSec operates within the Cyber Security sector, specifically targeting the automotive industry.
Strategic signal
In August 2020, a lawsuit was filed claiming Harman dodged millions of dollars in payments following its 2016 acquisition of TowerSec. This legal challenge highlights potential post-acquisition financial disputes and could signal complexities in M&A integration within the automotive cybersecurity space, raising questions for investors about the long-term financial implications of such transactions.
Log in to access full profile ›Company Intelligence Q&A
- When was TowerSec acquired?
- TowerSec was acquired by Harman International Industries in January 2016.
- What was the reported acquisition amount for TowerSec?
- Harman International Industries acquired TowerSec for $70 million in January 2016, as reported by Globes and Israel21c.
- Which company acquired Harman International Industries?
- Samsung completed its acquisition of Harman International in March 2017.
- What was a notable recognition TowerSec received before its acquisition?
- In January 2015, TowerSec was named the 'hottest startup in 2015' at the North American International Auto Show (NAIAS), as reported by Israel21c.
- What legal challenge did Harman face regarding the TowerSec acquisition?
- In August 2020, a lawsuit claimed Harman dodged millions of dollars in payments after the 2016 TowerSec acquisition.