Nationwide Ventures invests in Upstream Security
Cybersecurity for connected vehicles company, Upstream Security , announced a $30 million Series B funding round, bringing the company’s total investment to date to $41 million. The round was led by Renault Venture Capital and included Volvo Group Venture Capital, Hyundai, Hyundai AutoEver, Nationwide Ventures and others. Original Upstream investors Charles River Ventures, Glilot Capital and Maniv Mobility all participated in the round.
Established in 2017, Upstream improves the safety and security of connected vehicles and services built for them. It does this by monitoring business critical events and identifying cyber threats in real-time via a centralized cloud-based analysis of multiple automotive data feeds, including telematics and mobile applications. The solution is 100% agentless and does not require any hardware or software inside the vehicles.
“This first of its kind investor syndicate, which includes some of the most important smart mobility companies in the world, is a testament to the severity of the problem the industry is tackling and a ringing endorsement of Upstream’s technology and the progress our team has made. Our mission is to protect every connected vehicle and smart mobility service on the planet – the completion of our funding is perfectly timed to meet the growing demand for our data driven cloud-based platform, providing our customers with the capabilities they need to accomplish this vitally important task.” – Upstream Security Co-founder and CEO, Yoav Levy.
“Nationwide understands that the safety and security of connected vehicles go hand-in-hand. As technology in vehicles becomes even more sophisticated, security is a critical building block and Upstream’s solution focuses on protecting our members’ in the evolving mobility ecosystem.” – Erik Ross, leader of Nationwide’s venture capital team.