Israeli automotive cybersecurity and data analytics startup Upstream Security has raised $62 million in a Series C round of investment, led by Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, Inc. Upstream Security has now raised a total of $105 million in funding to date.
Founded in 2017 by Yoav Levy and Yonatan Appel, the company offers automotive cybersecurity solutions purpose-built for the automotive industry and its unique challenges. It offers cloud-based mobility cybersecurity and data analytics platform purpose-built for connected vehicles and smart mobility services. Its platform uses machine learning, data normalization, and digital twin profiling technologies to detect anomalies in real-time using existing automotive data feeds.
Everything is getting to be smart these days. Smart cars, smart homes, smart bathrooms, and soon there will even be smart clothing and pets. But in order for all of these smart things to work, they need to be integrated with a central system. This means being connected through the internet and with cloud based systems. And this, of course, means that smart anything will be ripe for attack by hackers.
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Remember the movie Speed? In that one, the bad guy planted a bomb on a bus that was set to go off if it went below a certain speed. Now imagine if someone could do the same thing without needing to even plant a bomb in the first place. A hacker could theoretically gain access to your car, or to millions of cars at the same time, once everyone is using smart cars.
A terrorist organization would threaten to cause all the cars on a certain highway to speed up and crash if they do not get what they want. Or like in Speed, maybe they would just want money. The motive does not matter. The effect would be the same.
Now you might have a better understanding of why companies like Upstream Security are worth so much money.
“We are excited to reach this important milestone and welcome new investors, who believe in our mission to unlock the value of mobility data.” said Yoav Levy, CEO and Co-founder of Upstream Security. “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.”