Upstream Security, an Israeli automotive cybersecurity company, announced a $30 million Series B round, led by Alliance Ventures, an automotive alliance constituting Renault, Mitsubishi, and Nissan. Volvo Group, Hyundai, Charles River Ventures, Glilot Capital, Maniv Mobility, and Nationwide also participated in the round.
The Tel Aviv-based startup provides cybersecurity solutions designed specifically to protect connected vehicles from cyber threats or misuse, whether the cars are in motion or at rest. The investment marks how seriously car manufacturers, brands, and insurers view cyber threats on connected vehicles.
“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.
A security framework for connected cars entails a multi-layer approach that secures both the vehicles as well as the infrastructure connecting them: drivers, telematics, mobile applications, vehicles, fleets. Upstream’s entirely cloud-based C4 platform enables car manufacturers and fleets to detect, monitor, and respond to attacks on any part of the connected vehicle framework – even for vehicles already on the road.
“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,” Levy continued.
Indeed, the demand for the security platform is growing along with the connected car market itself, which is estimated to pass $200 billion by 2025. To date, the Tel-aviv startup has raised $41 million to keep up.
“Securing our customers’ connected vehicles is always top of mind for Volvo,” noted David Hanngren, Investment Director at Volvo Group. “We have chosen to invest in Upstream because they have a great vision for addressing this unique sector, an impressive management team and serious depth in both automotive domain expertise and cybersecurity.”