Car cybersecurity co GuardKnox seeks court protection

Israeli cyber security company for electric cars Guardknox Drill in debt and cash flow crisis and earlier this week submitted an urgent request with the court to establish procedures and temporary relief. According to ADVS. Dr. Shlomo Nass, Inbal Rahamim-action and ITAY MICHAELI of FIRON LAW FIRM, it seems that despite the impressive list of customers, the company serves the company including Porsche, Mercedes-Benz, Dacca and the American Army, Guardknox exceeds with A, the cash flow crisis has been forced to lay off the employees and has continuous obligations of 11 million New, which will be struggled to pay without legal arrangements.

According to the application submitted to the Central District Court, the company, which is based in Ramla, has been forced to close the production line and reduce the number of employees from 80 to 27 today, and employee salaries were reduced by 80 % in order to reduce the rate of banknote. In recent days, employees rented ADV services. Alon Hornstein legally fighting to obtain their rights, but according to Guardknox, the campaign will be suspended if the company enters a recovery process.

Guardknox, which raised about $ 60 million since its foundation, has only 4.6 million NIS cash. She has provided several examples of the difficulties she faced in recent years. According to the company, Corona’s pandemic affected the motivation to buy electric cars due to low oil prices, while the war in Ukraine led to an increase in input prices to produce electric cars. Judicial reform in Israel “has led many investors to withdraw their money and investments”, while the crisis in raising funds by technology companies has led an investor to reduce an investment of $ 13 million to only 6 million dollars. Finally, the war resulted in “foreign investors abandoning investment in Israeli technology.”

According to submitting the request submitted to the court, “investors who were supposed to land on the week on October 8, 2023, to produce an investment of $ 30 million, their arrival was canceled due to the prevailing situation in the country and even withdrawn due to the geopolitical situation”

Another investor who was ready to invest $ 5 million died unexpectedly. In addition, Guardknox, the company, EGO Mobile in Germany, who was working in the production of electric cars and mobile systems, explains, and decreased in a crisis with a debt worth 900,000 euros to Guardknox. On the other hand, the company has active transactions with Israeli security agencies, with the American army, with possible revenue of $ 165 million over the next seven years, and with Polaris, at a value of $ 242 million by 2030.

Guardknox was founded in 2016 by three veterans in the Air Force, Israel, Motion Slegil, Dionis Trem, and Nidan Nadaf. The company has developed a technology to prevent violations of electric vehicle systems and raised the capital from the Allied Group group, the owner of Yitzhak Suarez’s Champion Motors, Shay Livnat’s Cyphetech, Kardan Group, foreign investors from China including SAIC and French Faurecia, and Auto Auto. The Fraser Mccombs Capital, who led the company’s latest financing round in 2019, according to IVC Research.

It was published by Globes, Israel Business News – En.globes.co.il – on January 30, 2025.

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