Renault, Volvo, Hyundai invest in cybersecurity startup | Auto Finance News | Auto Finance News

Renault, Volvo, Hyundai invest in cybersecurity startup

Upstream Security, a cybersecurity startup specializing in connected vehicles, closed a $30 million Series B funding round, the company announced today. The funding round was led by Renault Venture Capital and includes Volvo Group Venture Capital, Hyundai Motors, Hyundai AutoEver and Nationwide Ventures. Charles River Ventures, Glilot Capital and Maniv Mobility also returned for the second investment round.

Upstream’s technology allows OEMs and fleet managers to detect, monitor and respond to attacks targeting any part of connected vehicle’s systems, including vehicles that are on the road. “This investor syndicate is a testament to the severity of the problem the industry is tackling,” said Yoav Levy, co-founder and chief executive.

Cybersecurity has become of increased concern for fleet managers and OEMs over the past 18 months. In fact, many digital attacks on fleets and OEMs in the past decade were “executed indirectly via connected services and applications from a long distance,” according to the statement.

Herzeliya, Israel-based Upstream has secured a total of $41 million since its founding in 2017.

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