Israeli cybersecurity for connected vehicles company Upstream Security today announced that it has raised $30 million in a Series B financing round led by Renault Venture Capital and including Volvo Group Venture Capital, Hyundai, Hyundai AutoEver, and Nationwide Ventures. Existing Upstream investors Charles River Ventures, Glilot Capital and Maniv Mobility all participated in the round, bringing the total raised by the company to $41 million.
The Herzliya-based company was founded by CEO Yoav Levy and CTO Yonatan Appel.
Levy said, "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. 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."
Earlier this year a report published by Upstream Security outlined the automotive threat landscape over the past decade, demonstrating that multiple stakeholders ranging from OEM vehicle manufacturers to commercial and public sector fleets have been targeted. In many cases attacks were executed indirectly via connected services and applications and from long distance.
With prolonged time-to-market and limited coverage of in-vehicle security solutions, the Upstream C4 platform solves this fundamental problem by enabling OEM car manufacturers and fleets to detect, monitor and respond to attacks targeting any part of the connected vehicle framework - even for vehicles already on the road.
Published by Globes, Israel business news - en.globes.co.il - on October 21, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019