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Upstream Security Raised $62m In Series C Funding Round

Upstream Security, the specialist in automotive cybersecurity and data analytics for connected vehicles, announced that it has closed a $62 million round C investment, bringing its total funding to $105 million since its inception. Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, Inc., led the latest investment, which was joined by new investors I.D.I. Insurance, 57 Stars’ NextGen Mobility Fund, and La Maison Partners. Glilot Capital, Salesforce Ventures, Volvo Group Venture Capital, Nationwide, Delek US, and others are among Upstream’s existing investors.

Upstream is a cloud-based cybersecurity and data analytics platform that taps into the massive amounts of data stored in connected vehicles and incorporates it with purpose-built artificial intelligence and machine learning technologies to empower its clients to improve business results by providing advanced security capabilities and data analytics actionable insights.

Some of the world’s largest automotive OEMs, as well as tier 1 and tier 2 suppliers, mobility service providers, and others, use Upstream’s solutions to secure millions of vehicles on the road today from cyber attacks.

 The new investment will help Upstream expand its services to current and future customers in the areas of data analytics, insurance telematics, predictive analytics, and business intelligence, while also strengthening its position in the connected car cybersecurity sector. Furthermore, the organization will continue to put resources into finding, attracting, acquiring, and retaining elite people.

 Yoav Levy, CEO and Co-founder of Upstream Security said, “We are excited to reach this important milestone and welcome new investors, who believe in our mission to unlock the value of mobility data. 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.”  

Toyota Tsusho and Cybellum partners for Distribution Provider of Security Services for Automobiles

Toyota Tsusho Corporation (“Toyota Tsusho”) announced a distribution agreement with Cybellum Technologies Ltd. (“Cybellum”), an Israeli startup that provides security services for autos. Toyota Tsusho is the first company to reach a deal with a distributor in Japan. Toyota Tsusho is a member of the Toyota group, a global corporate enterprise. The purpose is to help Japanese automakers and suppliers succeed.

Year after year, the number of connected cars with communication modules grows. Security measures against cyber security threats are urgently required with the development of connected cars, and the UN subcommittee on cyber security countermeasures (UNR155) has approved laws and measures are being taken in each country. Because vehicle manufacturers must respond to UNR155 starting in July 2022, it is projected that the organizational structure and process construction for cyber-attacks would become a concern in Japan.

Toyota Tsusho will provide the Cybellum Cyber Digital Twins platform to OEMs and automotive suppliers based in Japan. Toyota Tsusho’s deep expertise and rich experience in the automotive industry along with the strong automotive cybersecurity risk assessment expertise of Cybellum combine to create a powerful alliance. This close cooperation will ensure that Cybellum’s Cyber Digital Twins platform is available for the Japanese automotive industry to use, and is tailored to their specific needs.

Toyota Tsusho will sell Cybellum’s vulnerability management technology to Japanese automakers to enable connected car cyber risk countermeasures from development to post-launch.