UPDATED 21:40 EST / AUGUST 24 2021

SECURITY

Israeli automotive cybersecurity startup Upstream Security raises $62M

Israeli automotive cybersecurity startup Upstream Security Inc. has raised $62 million in new funding to improve growth and increase its headcount.

Mitsui Sumitomo Insurance led the Series C round. Other investors included I.D.I. Insurance, 57 Stars’ NextGen Mobility Fund and La Maison Partners.

Founded in 2017, Upstream Security offers a centralized security and analytics platform for connected and autonomous vehicle fleets. The company’s platform taps into the data stored in connected vehicles and combines it with purpose-built artificial intelligence and machine learning. In doing so, the technology allows customers to offer advanced security capabilities and data analytics actionable insights.

The platform is designed to mitigate connectivity risks and ensure the safety and security of smart mobility solutions protecting connected and autonomous vehicles. In addition, Upstream Security’s service secures drivers, vehicles and mobility services from misuse and cyberattacks.

Upstream Security’s solutions are said to already protect millions of vehicles on the road today against cyberthreats. Customers include some of the world’s leading automotive original equipment manufacturers as well as tier 1 and tier 2 suppliers, mobility service providers and others.

The new funding will be invested in increasing growth and reinforcing the company’s position in the connected vehicle cybersecurity market. The funding will also be used to expand its offering to current and future customers in areas such as data analytics, insurance telematics, predictive analytics and business intelligence.

“With today’s revolution in automotive connectivity and exponential growth in the number of connected vehicles on the road, the demand for automotive cybersecurity and data analytics solutions has increased significantly,” Yoav Levy, co-founder and chief executive officer of Upstream Security, said in a statement.”Upstream is well-poised to tap this growth and capitalize on the business opportunities shared by our customers and partners.”

Including the new funding, Upstream Security has raised $105 million to date, including a round of $9 million in 2017. Previous investors include Glilot Capital, Salesforce Ventures, Volvo Group Venture Capital, Nationwide, Delek US, Charles River Ventures. CRV, Alliance Ventures, Hyundai AutoEver America and Maniv Mobility.

Image: Upstream Security

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