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.
Upstream Securityis a Tel Aviv-based start-up company which provides cybersecurity solutions designed specifically to protect connected vehicles from cyber threats or misuse while stationaryand 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 hasa promising offering and capability to support with cyber security solutions to meet our future requirements,” says Anna Westerberg, acting CEO of Volvo Group Venture Capitaland Senior Vice President, Volvo Group Connected Solutions.
Market research shows that there will be substantial growth in the market for cyber security solutionsfor connected vehicles in the coming years. “Our mission is to protect every connected vehicle and smart mobility service on the planet. 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,” says Yoav Levy, Upstream Security co-founder and CEO.The transaction has no significant impact on the Volvo Group’s earnings or financial position.
SOURCE: Volvo Group