Upstream Security closes $30m investment
- October 21, 2019
- Posted by: Simon Wait
- Category: Industry News
Upstream Security, business in cybersecurity for connected vehicles, announced that a prominent syndicate of investors, including some of the world’s largest OEM automotive vehicle manufacturers, insurance and fleet operators, invested $30m in a Series B funding round, bringing the company’s total investment to date to $41m.
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.
“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.”
The inherent risks in connected cars were in the headlines multiple times over the past 18 months culminating with consumer groups identifying connected vehicles as a potential national security threat. Earlier this year a report published by Upstream Security outlining the automotive threat landscape spanning the past decade, demonstrated 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.
“We were impressed by Upstream’s mature platform and exciting customer traction, which is why we made the investment,” said Christian Noske, head of Alliance Ventures. “Upstream’s world-class team built a truly unique cloud-based automotive cybersecurity model that is highly scalable with a visionary technical approach that solves a growing problem in the mobility industry.”