Israeli startup Upstream Security has raised $36 million in a Series C-Round led by Japanese concern, Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings.
The company offers a 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.
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The investment is described as a strategic partnership with MSI which the companies say will help revolutionize the car insurance industry, allowing insurance companies to use connected vehicle data to gain meaningful insights for various insurance-related areas including improved risk management and enhanced customer experience.
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Excited to announce a $36M investment from Mitsui Sumitomo Insurance (MSI), one of the world’s top insurance companies. Read more at https://t.co/NnYWr8WKAZ
— Upstream Security (@UpstreamAuto) May 20, 2021
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.
Upstream explains that OEM car makers and service providers alike have been challenged to date with identifying and locating cyber threats targeting their smart mobility services and connected vehicles. In order to secure the smart mobility ecosystem – vehicles, infrastructure and services – from attack, fraud or misuse, a new breed of security solutions is required, one that is purpose built for the unique challenges of the automotive industry and to the specific attributes of an individual connected car.
Upstream helps corporations mitigate connectivity risks and ensure the safety and security of smart mobility solutions protecting connected and autonomous vehicles, SAE levels 0-5, on the roads today and twenty years from now, from remote cyber attacks generated over the public internet or private mobile APN as well as from fleet-wide attacks targeting multiple vehicles at the same time. The company calls itself a team of cybersecurity and data professionals with a clear focus on our customers’ success – the result is the most comprehensive protection of the mobility service infrastructure, connected vehicles and more importantly the people inside them.
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“As part of our ‘Vision 2021’, medium term business plan, we at MSI aim to improve the customer experience through digitalization,” said Masashi Ippongi, Director, Managing Executive Officer at Mitsui Sumitomo Insurance Company, Limited. “Upstream’s data analytics vantage will help MSI satisfy the consumer demand for higher-value and next-gen insurance products, applications, and services.”
“The Upstream and MSI partnership will open new data-driven opportunities for both automotive manufacturers, insurance companies, and their customers,” said Yoav Levy, Co-Founder and CEO at Upstream. “We are excited to work with MSI to expand our existing mobility data platform and to develop deep and long-lasting relationships with their customers and automotive OEMs in Japan.”
About MSI:
Established in 1918, Mitsui Marine & Fire Insurance Co., Ltd. merged with Sumitomo Marine & Fire Insurance Co., Ltd. in 2001 to form Mitsui Sumitomo Insurance Co., Ltd. In 2010, it then integrated management with Aioi Insurance Co., Ltd. and Nissay Dowa General Insurance Co., Ltd, leading to the creation of the MS&AD Insurance Group, which is now a top ten Fortune Global 500 company in insurance Property & Casualty category. With global business expansion to 49 countries and regions, especially in Asia, and as the world’s only global non-life insurance group with a presence in all 10 ASEAN countries, the Group maintains the No. 1 presence for gross written premiums in the ASEAN region.
