U.S.-Israeli automotive cyber security start-up Argus Cyber Security said on Thursday it raised $26 million in a second round of funding aimed at rapidly expanding its development and customer teams as market demand rises.

The round included funds by Magna International, Allianz SE, the SBI Group and existing investors Magma Venture Partners, Vertex Venture Capital and the co-founder of the RAD Group, Zohar Zisapel.

Founded in 2013, Argus helps car makers and suppliers protect Internet-connected cars and commercial vehicles from car-hacking. In the first round Argus raised $4 million.

(Reporting by Steven Scheer; Editing by Tova Cohen)

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