Continental Overview
Continental AG is an automotive supplier. Continental develops intelligent technologies, products and services for transporting people and their goods. Continental AG maintains its R&D activities through the acquisition of Israeli startup Argus Cyber Security in 2017. Argus Security, now PlaxidityX, which is a part of subsidiary Continental's Elektrobit is helping Continental to expanded its expertise in the field of automotive cyber security. Continental has introduced an incident response management system, which is an additional layer of security that responds immediately if there really is an attack. Continental also has open innovation activities in the local representatives of Co-Pace, its innovation arm.
Latest News
growth-negative
The vehicle cybersecurity company, previously named Argus Cyber Security, is trimming staff ahead of Continental’s planned IPO of its rebranded automotive arm, Aumovio.
PlaxidityX, previously known as Argus Cyber Security, is undergoing significant layoffs, with 65 out of 180 employees being let go. This move is part of a broader reorganization by its parent company, Continental, which is preparing to take its automotive division public under the new name Aumovio. The IPO is set for September on the Frankfurt Stock Exchange. PlaxidityX, a leader in vehicle cybersecurity, is focusing on strategic customers and core technological products to ensure long-term growth. The layoffs include senior executives and are part of a global streamlining process initiated by Aumovio.
LayoffsManagement ChangesPublic Trading
growth-negative
The layoffs by PlaxidityX, formerly Argus, are part of a worldwide streamlining plan by Aumovio, the vehicle division of Germany company Continental.
PlaxidityX, formerly known as Argus Cybersecurity, is undergoing significant layoffs as part of a global streamlining plan by Aumovio, the vehicle division of Continental. The company is laying off 65 employees, about one-third of its workforce, primarily in Israel. Despite the layoffs, PlaxidityX remains a key player in automotive cybersecurity, protecting 72 million vehicles globally and holding 80 patents. The company has partnerships with major players like Microsoft and Vodafone Automotive. Aumovio is committed to supporting PlaxidityX financially, although there are considerations to sell or spin off the company. The layoffs are influenced by tighter automotive cybersecurity regulations.
LayoffsPartnersAcquired-by
growth-positive
Continental to monitor truck tires using Traffilog's tech
German tire manufacturer Continental has partnered with Israeli firm Traffilog to remotely diagnose the condition of truck tires and determine when they need replacing. The system will monitor air pressure, tire temperature, distance travelled, and speeds to assess when tires have accumulated wear and tear. The data will be processed and sent to the cloud. The move is part of a wider industry trend towards real-time maintenance based on wear and tear analysis. The system is expected to significantly boost Continentals sales in the coming years, with the service first launching in the US and Europe.
PartnersCustomers
growth-positive
Continental invests as Israeli co FeelIT raises $8m
Continental, one of the worlds largest Tier-1 car industry suppliers, has invested in FeelIT, an Israeli Industry 4.0 start-up that provides predictive maintenance solutions for industrial equipment. The investment amount was not disclosed, but it was part of an $8 million financing round completed by FeelIT. FeelIT has developed a structural sensing technology that is up to 50 times more sensitive than current standard market applications. The investment supports Continentals ongoing digitalization efforts and opens up potential applications for remote condition monitoring and predictive maintenance in various industries.
Investment
growth-positive
'The exit wasn't the end. It may be the end of the beginning,' Argus CEO says
Argus Cyber Security, a startup specializing in automotive cybersecurity, was acquired by Germanys Continental AG for around $400 million. The CEO, Ofer Ben-Noon, explained that the sale was the best way for the company to achieve its vision of being in every car by 2023. Despite the acquisition, Argus remains an independent company and a subsidiary of Continental. The company plans to double its workforce to 160 employees and aims to become a market standard by selling its products to all car manufacturers, including competitors. The founders and employees of Argus have remained with the company after the acquisition. Ben-Noon expressed his commitment to staying on to see the vision of protecting every vehicle come true.
AcquisitionExpand
Team Members
3
Employees: 1-10
Web & Social Links
| Website | www.continental.com/en/ |
Locations
Yigal Alon St 94, Tel Aviv-Yafo, 6789155, Israel
Yigal Alon St 94, Tel Aviv-Yafo, 6789155, Israel
Hanover, Germany
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