Upstream Security, a cybersecurity company, recently announced that a prominent syndicate of investors invested $30 million in a Series B funding round
Global Syndicate – includes Renault Venture Capital, Volvo Group, Hyundai, Nationwide Insurance and others – invests to protect connected vehicles from escalating cyber threats; validates cloud-based automotive cybersecurity as the right path forward to address automotive cyber attacks
The investment brings the company’s total investment to date to $41 million. The round was led by Renault Venture Capital and included Volvo Group Venture Capital, Hyundai, Hyundai AutoEver, Nationwide Ventures and others. Original Upstream investors Charles River Ventures, Glilot Capital and Maniv Mobility all participated in the round.
Upstream Security is the first cybersecurity solution designed specifically for protecting connected vehicles from cyber-threats or misuse at rest and in motion. Protecting connected cars is a complex problem involving multiple layers (driver, telematics, mobile application, vehicles, fleets), mountains of data flowing at high speed and a specialized and discrete understanding of smart mobility business and usage type. Its platform is entirely cloud-based and seamlessly ingests and normalizes automotive data to deliver cybersecurity insights that ensure vehicle security and safety is never compromised.
“This first of its kind investor syndicate, which includes some of the most important smart mobility companies in the world, is a testament to the severity of the problem the industry is tackling and a ringing endorsement of Upstream’s technology and the progress our team has made,” said Yoav Levy, Upstream Security Co-founder and CEO. “Our mission is to protect every connected vehicle and smart mobility service on the planet – the completion of our funding is perfectly timed to meet the growing demand for our data driven cloud-based platform, providing our customers with the capabilities they need to accomplish this vitally important task.”
Source: Press Release