Upstream Security Revs Up Cloud-Based Cybersecurity for Connected and Autonomous Car Fleets with $9M Series A

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 (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 athttp://www.globenewswire.com/NewsRoom/AttachmentNg/f6829eae-4d66-49a6-bd4d-071d05917a5b

“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.”

Source : Upstream Security