PRESS RELEASE — SWEDEN — 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 Security is a Tel Aviv-based start-up company that provides cybersecurity solutions designed specifically to protect connected vehicles from cyber threats or misuse while stationary and in motion.
The investment is a direct result of the Volvo Group’s partnership with DRIVE, the leading innovation center that focuses on disruptive start-ups in the Israeli mobility sector.
“Upstream Security has a promising offering and capability to support with cybersecurity solutions to meet our future requirements,” says Anna Westerberg, acting CEO of Volvo Group Venture Capital and Senior Vice President, Volvo Group Connected Solutions.
Market research shows that there will be substantial growth in the market for cybersecurity solutions for 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.