Israeli cloud-based mobility cybersecurity company Upstream Security today announced it has raised $36 million in a Series C financing round led by Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings. The investment is part of a strategic partnership between Upstream and MSI, which will disrupt the telematics insurance market. This is part of a large investment round that will be announced in the second quarter of 2021.
I.D.I. Insurance Company also took part in the investment round. Earlier this year, I.D.I. together with MSI, launched a joint technology hub in Israel.
The strategic partnership with MSI will allowing insurance companies to use connected vehicle data to gain insights into insurance-related areas including improved risk management and enhanced customer experience. Upstream’s cloud-based mobility data platform expands MSI’s data analytics capabilities and enables MSI to provide additional risk-related services based on driver usage and behavior.
"As part of our ‘Vision 2021’, medium term business plan, we at MSI aim to improve the customer experience through digitalization," said Masashi Ippongi, Director, Managing Executive Officer at Mitsui Sumitomo Insurance Company, Limited. "Upstream’s data analytics vantage will help MSI satisfy the consumer demand for higher-value and next-gen insurance products, applications, and services."
Herzliya-based Upstream Security was founded by CEO Yoav Levy and CTO Yonatan Appel.
Levy said, "The Upstream and MSI partnership will open new data-driven opportunities for both automotive manufacturers, insurance companies, and their customers. We are excited to work with MSI to expand our existing mobility data platform and to develop deep and long-lasting relationships with their customers and automotive OEMs in Japan."
Published by Globes, Israel business news - en.globes.co.il - on May 20, 2021
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