CRV Joins Existing Investors to Accelerate Company’s Expansion in the U.S. and Europe as Market for Connected Vehicles and Automotive Cybersecurity Expects to Grow 20x
HERZLIYA, Israel, Dec. 13, 2017 (GLOBE NEWSWIRE) — Upstream Security, pioneer of the cloud-based cybersecurity platform for connected cars and autonomous vehicles, today announced the closing of $9 million in Series A funding, led by CRV (Charles River Ventures). The round included expanded investments from Israeli-based Glilot Capital Partners and Maniv Mobility. Following a $2 million seed funding round in June, the company will use the latest investment to expand its R&D program and continue building out its world-class engineering and security research teams, and open marketing and sales offices in the United States and Europe. The company is well-resourced to secure the 60 million connected cars on the road today that include commercial trucks, vans, buses and private vehicles, as well as take advantage of the imminent explosion in connected vehicles—Gartner expects there will be 250 million connected vehicles by 2020.
A photo accompanying this announcement is available at http://www.globenewswire.com/
“Connected and semi-autonomous cars are already a reality, so it’s a matter of ‘when’ not ‘if’ these self-driving technologies will be deployed at scale. Upstream’s engineers were the first to solve how to protect connected cars and autonomous vehicles using the cloud, crucial for near-term and future deployment of automotive cybersecurity at the fleet level,” said Izhar Armony, general partner at CRV. “We believe in Upstream’s groundbreaking approach to secure connected and autonomous vehicles and in the abilities of cybersecurity veterans, Yoav Levy and Yonatan Appel, to build a rapidly growing business in this hot, emerging space.”
As connected and autonomous driving technologies become mainstream, security attacks on vehicle fleets––groups of motor vehicles owned or leased by a business, government agency or other entity––are likely to increase drastically. Upstream’s cloud-based approach to automotive cybersecurity leverages artificial intelligence and machine learning that is applied to the tremendous data sets continuously produced by vehicles. This provides customers with data protection, anomaly detection and real-time analytics of cyber attacks and vehicle fleet health. By centralizing cybersecurity in the cloud instead of in-vehicle, threats are detected and prevented before they even reach a vehicle’s network.
More cars are connected to the Internet today than ever before, driving hackers to develop new and more efficient ways to infiltrate and disrupt automotive software. Today’s automotive cybersecurity solutions are in-vehicle and suffer from slow production cycles, which impede their agility as well as their ability to protect against the most recent cybersecurity threats. Upstream’s unique solution offers non-intrusive protection, effectively securing cars that are already on the road today and upgradable to stand against new cybersecurity threats and vulnerabilities in the future.
“The automotive industry is going through a massive disruption. Consequently, security solutions for the car are undergoing rapid advances at an unprecedented rate. We’re using emerging technologies like AI and machine learning to carry out an evolutionary leap in cybersecurity for passenger and commercial vehicles,” said Upstream CEO and cofounder, Yoav Levy. “Riding the wave of momentum from our recent company launch and early customer wins, this new investment round further validates our technology and approach, and will fuel our commitment to be the leading force of innovation in security for connected and autonomous transportation.”
Upstream is planning to open offices in Silicon Valley in the coming months.
In addition to this news, Levy recently spoke at KPMG’s 8th annual automotive executive forum, the 2017 Los Angeles Auto Show, which announced new research in vehicle fleet security.
About Upstream Security
Upstream Security is the first cloud-based cybersecurity solution that protects the technologies and applications of connected and autonomous vehicles. Founded by cybersecurity veterans, Upstream leverages big data and machine learning to provide OEMs and vehicle fleets with unprecedented, comprehensive, and non-intrusive defense. With application security, real-time data protection and anomaly detection, attacks are identified and blocked before they reach and harm the vehicle’s network. To learn more, visit: www.upstream.auto
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