Volvo Group invests in cybersecurity for connected vehicles
Volvo Group Venture Capital AB has invested in Upstream Security, a leading Israeli automotive cybersecurity company.
The investment will fund the development of systems to protect connected vehicles following the introduction of data-driven technologies.
Volvo is one of a number investors in the latest $30m round in the project.
Upstream Security is a Tel Aviv-based start-up company providing cybersecurity solutions designed specifically to protect connected vehicles from cyber threats or misuse while stationary and in motion.
The investment is a direct result of the Volvo Group’s partnership with DRIVE, the leading innovation centre that focuses on disruptive start-ups in the Israeli mobility sector.
“Upstream Security has a promising offering and capability to support with cyber security solutions to meet our future requirements,” says Anna Westerberg, acting CEO of Volvo Group Venture Capital and Senior Vice President, Volvo Group Connected Solutions.
Market research shows that there will be substantial growth in the market for cybersecurity solutions for connected vehicles in the coming years.
“Our mission is to protect every connected vehicle and smart mobility service on the planet," says Yoav Levy, Upstream Security co-founder and CEO.
"This funding is perfectly timed to meet the growing demand for our data-driven, cloud-based platform, providing our customers with the capabilities it needs to accomplish this vitally important task."
About Volvo Group
The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines.
The Group also provides complete solutions for financing and service.
The Volvo Group, which employs almost 105,000 people, has production facilities in 18 countries and sells its products in more than 190 markets.
In 2018 the Volvo Group’s sales amounted to SEK 391bn (€38.1bn). The Volvo Group is a publicly-held company headquartered in Göteborg, Sweden. Volvo shares are listed on Nasdaq Stockholm.
Find out more: www.volvogroup.com
Upstream Security was founded by Yoav Levy (CEO) and Yonatan Appel (CTO), two seasoned security professionals with over 20 years of professional experience.
They understand that the automotive market is undergoing a massive disruption, potentially greater than the one experienced by the mobile phone industry and that this disruption will require radically different security solutions in order to reach its potential.
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 or 20 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.
Find out more: www.upstream.auto
DRIVE is a leading innovation center for smart mobility technologies. At DRIVE startups gain meaningful market opportunities while partners are provided with early insights into the start-ups’ cutting edge technology ahead of their competitors.
DRIVE was founded by Mayer Cars and Trucks Ltd and is sponsored by leading partners in the international and Israeli industry like Honda, Volvo cars, Hertz car rental, Volvo Group, NEC, Ituran, and Aptiv.
DRIVE is selecting startups with a unique value proposition in the smart mobility domain. Startups can be from the following areas: sensors, computer vision, cyber, market place and shared economy, smart city solutions, predictive analytics and business intelligence, machine learning, autonomous vehicles, urbanization applications, fleet management, mapping, parking and more.
Find out more: www.drivetlv.com