Leading mobility supplier, DENSO has announced a strategic investment in an automotive and IoT cybersecurity software company, Dellfer. This investment is part of Dellfer’s Series A funding round, in which it raised a total of $8 million.
DENSO first invested in Dellfer in 2018 during its seed funding round and the companies signed a joint development agreement in 2019.
DENSO's latest investment in Dellfer was made jointly with Option3, a specialist cybersecurity private equity firm. As part of the investment, both companies will jointly participate on Dellfer's board to provide operational and sales channel support.
As the automotive industry and other IoT environments increasingly require cybersecurity solutions to protect potential vulnerabilities, Dellfer can provide the protection and traceability that auto manufacturers need, said a release issued by DENSO. The company further said Dellfer's holistic solution provides high-level visibility and granular, actionable insights to thwart intrusions in automobiles.
DENSO's decision to invest in Dellfer and its cybersecurity software was guided in part by its concepts of ‘Green’ – achieving carbon neutrality by 2035 – and ‘Peace of Mind’ – creating a safe and seamless world for all. In addition to informing its partnerships, these principles will help DENSO achieve its Long-term Policy 2030, which focuses on enriching society by enhancing mobility and achieving sustainability, happiness and peace of mind for everyone, the release stated.
The automotive cybersecurity market is projected to be worth $8.94 billion by 2028, as per a recent Market Research Future report.
“The requirement for cybersecurity solutions for auto manufacturers has never been stronger,” claimed Tony Cannestra, Director of Corporate Ventures, DENSO and board member, Dellfer. “We tested a wide array of available software solutions and found Dellfer's approach to be highly valuable and a good fit for our customer's needs. This investment reflects our continuing support for their approach and go-to-market strategies.”
James Blaisdell, Co-Founder and CEO, Dellfer said DENSO continues to be a key ingredient in validating Dellfer’s mission and vision of the company.