Israeli automotive cybersecurity and data analytics for connected vehicles company Upstream Security today announced the completion of a $62 million Series C financing round led by Mitsui Sumitomo Insurance (MSI), with new investors I.D.I. Insurance, 57 Stars’ NextGen Mobility Fund, and La Maison Partners and existing investors Glilot Capital, Salesforce venture, Volvo Group Venture Capital, Nationwide, Delek US, and others. This latest round includes the $36 million that Upstyream annunced that it had raised in May and brings to $105 million the total amount raised by the company.
Herzliya-based Upstream Security was founded by CEO Yoav Levy and CTO Yonatan Appel. The company provides a cloud-based cybersecurity and data analytics platform which leverages the large amounts of data stored in connected vehicles and combines it with purpose-built artificial intelligence and machine learning technologies to empower its customers to improve business results, by offering advanced security capabilities as well as data analytics actionable insights.
Levy said, "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, and Upstream is well poised to tap this growth and capitalize on the business opportunities shared by our customers and partners."
Upstream’s solutions already protect millions of vehicles on today's roads against cyber threats, and customers include leading automotive OEMs, as well as tier 1 and tier 2 suppliers, mobility service providers, and others.
The new investment will be used to expand Upstream's offering to current and future customers in data analytics, insurance telematics, predictive analytics, and business intelligence. The company will also continue to invest in identifying, attracting, recruiting, and maintaining top talent.
Published by Globes, Israel business news - en.globes.co.il - on August 24, 2021
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