Israeli automotive cybersecurity startup Upstream Security has closed a $62 million investment led by Japan’s Mitsui Sumitomo Insurance (MSI) as part of its Series C funding round, the company announced on Tuesday.
This new infusion of capital from MSI comes three months after the MS&AD Insurance Group Holdings Inc. subsidiary led a $36 million round in the Israeli firm.
MSI was joined by new investors I.D.I. Insurance, 57 Stars’ NextGen Mobility Fund, and La Maison Partners. These parties join Upstream’s existing investors Glilot Capital, Salesforce venture, Volvo Group Venture Capital, Nationwide, Delek US, and others.
Founded in 2017, Upstream provides a cloud-based cybersecurity and data analytics platform which taps stored data and combines it with purpose-built artificial intelligence and machine learning technologies to offer advanced security capabilities and actionable insights for connected vehicles.
Upstream has raised a total of $105 million to date, which includes the latest round.
In May, Upstream announced a strategic partnership with MSI which aimed to revolutionize the car industry. It would enable insurance companies to use connected vehicle data to gain meaningful insights for various insurance-related areas including improved risk management and enhanced customer experience.
The new investment will boost Upstream’s growth and reinforce its leadership in the connected vehicle cybersecurity market, while expanding its offering to current and future customers in data analytics, insurance, telematics, predictive analytics, and business intelligence. In addition, the company will continue to invest in identifying, attracting, recruiting, and maintaining top talent.
“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.”