Cybersecurity is becoming increasingly important in today’s business world. Companies are investing in new technologies and strategies to help secure their data and protect their customers from fraud, malware, and other threats. Upstream Security, a cybersecurity company that focuses on protecting connected vehicles, just announced they have raised $36M from Mitsui Sumitomo Insurance (MSI). This fundraising round will go towards helping the company further develop its platform and expand its customer base. In this blog post, we will explore the details of the investment and how Upstream Security plans to use the money to revolutionize vehicle safety.
Upstream Security raises $36M from Mitsui Sumitomo Insurance
Upstream Security, a cybersecurity startup that helps secure connected cars and commercial vehicles, has raised $36 million in a series B round of funding led by Mitsui Sumitomo Insurance (MSI).
The new funding will be used to help Upstream expand its business globally and continue developing its technology. MSI’s investment is part of a larger trend of insurance companies investing in startups that are working on innovative solutions to the growing problem of cybercrime.
Upstream’s technology helps protect vehicles from attacks by continuously monitoring for threats and automatically block them if they are detected. The company has already signed deals with several major automakers and fleets, and it plans to use the new funding to expand its reach even further.
With the rapid growth of the connected car market, there is an increasing need for security solutions like Upstream’s. I believe that their technology has great potential to make a impact in the automotive industry and I am excited to see what they achieve in the future.
What is Upstream Security?
Upstream Security is a cyber security company that offers a platform to help organizations manage and protect their connected vehicles. The company was founded in 2016 by veterans of the Israeli intelligence community and is headquartered in Tel Aviv, Israel.
Upstream’s platform uses machine learning and artificial intelligence to analyze data from a variety of sources, including vehicle sensors, telemetry data, and third-party threat intelligence. The platform then provides real-time alerts and recommendations to help organizations mitigate risks and improve their overall security posture.
In February 2019, Upstream Security raised $30 million in Series B funding led by Mitsui Sumitomo Insurance. This latest round of funding brings the total amount raised by the company to $44 million.
What does this funding mean for Upstream Security?
Upstream Security’s $M funding from Mitsui Sumitomo Insurance will enable the company to continue its mission of providing comprehensive, cloud-based security solutions for connected and autonomous vehicles. This investment will allow Upstream Security to expand its sales and marketing efforts, as well as its R&D initiatives in order to provide even more innovative and effective security solutions for its clients.
How will Upstream Security use the funding?
Upstream will use the funding to continue building and scaling its Connected Vehicle Security platform. The platform helps automotive manufacturers and suppliers secure connected and autonomous vehicles against cyber threats. Upstream’s platform is already being used by major automakers and suppliers, including Toyota, Honda, Subaru, Mitsubishi Motors, and Nissan.
What impact will Upstream Security have on the insurance industry?
Upstream Security’s $12M Series A from Mitsui Sumitomo Insurance and other investors will help the company expand its platform to the insurance industry. The Upstream platform uses machine learning and artificial intelligence to protect vehicles from cyberattacks.
The insurance industry is under pressure to address the rise in cyberattacks. In 2016, there were over 1,000 reported data breaches in the US alone, resulting in the loss of over $7 billion. The average cost of a data breach for a company is now over $4 million.
Upstream’s platform can help insurers mitigate the risk of cyberattacks and protect their policyholders’ vehicles. The platform can also be used to assess risk and pricing for insurance policies.
Upstream Security’s successful $36M Series C funding round from Mitsui Sumitomo Insurance is a testament to the potential of their cutting-edge technology in providing advanced cybersecurity solutions for connected cars. The company has already made great strides since its launch, and with this latest injection of capital, there is sure to be more innovation and development on the horizon. With such strong backing from one of the biggest insurance firms in Japan, it looks like Upstream Security will only continue to grow stronger in 2020.