Private Venture Capital Fund IncWell Makes Investment in TowerSec
IncWell Invests in TowerSec, a global automotive cyber security supplier.
- (1888PressRelease) March 19, 2015 - Detroit - Sees ECUSHIELD As the Solution to Cyber Security Threats in Vehicles. The private venture capital fund IncWell has invested in TowerSec, a global automotive cyber security supplier, the two companies announced today.
IncWell invests in companies with breakthrough or disruptive technologies backed by great teams who know their market.
"We've been looking for a solution to the growing cyber security threat in vehicles." said Tom LaSorda, founder and managing partner of IncWell and former CEO of Chrysler Group LLC. "The threat is growing rapidly as vehicles are becoming increasingly more connected whether to devices and the Internet of Things or to other connected vehicles. It further intensifies with the continuing development of self-driving or autonomous vehicles. This connectivity puts both lives and personal data at risk.
"We've researched this business sector and we were excited to find TowerSec and their solution for vehicle cyber security," he said.
TowerSec was founded by a team of highly trained Israeli cyber security experts and Detroit- based automotive experts with a vast knowledge of the global automotive industry and a focus on safety and security solutions.
IncWell's partners include current and former top executives. Along with LaSorda, Simon Boag also serves as a managing partner of the IncWell fund. He was formerly CEO of Stage 2 Innovations LLC and held leadership positions at Chrysler, Case New Holland, General Motors, and CAMI Automotive.
Other partners include Roger Penske, CEO of Penske Corp.; Dieter Zetsche, chairman of Daimler AG and head of Mercedes-Benz Cars; Stephen Polk, former CEO of R.L. Polk & Co; Wayne Sales, former CEO of Toronto-based Canadian Tire Corp. Ltd.; John Melstrom, partner in the Birmingham, MI-based accounting firm of Fenner Melstrom & Dooling PLC; Steven Landry, former Chrysler executive who was also managing director and COO of Atco Australia, a division of Atco Group of Canada; and Magna International Inc., a global auto supplier based in Aurora, Ontario.
"IncWell's investment in TowerSec is another confirmation that we have the right cyber security solution for automakers and suppliers," said Saar Dickman, TowerSec CEO. "We are proud that its investors, who are well-known and respected in the automotive and other industries, believe in our product and our team and saw great potential."
The company's ECUSHIELD stops vehicle cyber threats now and in the future and is the only tested and proven software security solution available for immediate deployment. It can be used in existing and future vehicles, including fleets, with no hardware or communication redesign.
Once integrated into a CAN-BUS accessible ECU or telematics control unit, ECUSHIELD provides continuous monitoring while identifying new threats to the vehicle. It prevents malicious communication from reaching mission critical systems inside the vehicle that could put lives and personal data at risk. It turns any ECU into an Intrusion Detection and Prevention (IDS/IPS) system and any gateway ECU into a smart firewall.
TowerSec has running projects with automakers and suppliers that integrate ECUSHIELD technology into their systems.
About TowerSec
TowerSec, a global automotive cyber security supplier, delivers on-board cyber security technology to OEMs, suppliers and the aftermarket that will stop cyber threats now and in the future. Founded in 2012 TowerSec combines auto industry knowledge with Israeli cyber security to deliver its on-board solutions. Headquartered in Ann Arbor, Michigan, TowerSec also has an office in Berlin, Germany, and an R&D center in Tel-Aviv, Israel, TowerSec maintains a close relationship with its clients and partners. For more information please visit www.tower-sec.com
Contact: TowerSec communications: Phone: +1-734 333-7000, info ( @ ) tower-sec dot com and LinkedIn
About IncWell
IncWell is a private venture capital fund located in Birmingham, MI, founded by Tom LaSorda, the former CEO of Chrysler. IncWell offers seed funding, strategic partnerships and mentorship for startup companies that present breakthrough or disruptive technologies backed by great leaders. Learn more or pitch us online at www.incwell.net.
Contact:
IncWell
Sophia Khan
Sophia ( @ ) incwell dot net
248-593-9355
TowerSec
marketing ( @ ) tower-sec dot com
1-734 333-7000
###
space
space
Satisfied Users & 
Approved Press Releases
Print
Email
Report Spam