Market research shows there will be substantial growth in the market for cybersecurity solutions for connected vehicles following the introduction of data-driven technologies
Volvo Group Venture Capital AB has announced that it has invested in Upstream Security, Israeli automotive cybersecurity company, to fund the development of systems to protect connected vehicles. Upstream Security provides cybersecurity solutions designed specifically to protect connected vehicles from cyber threats or misuse while stationary and in motion, the company noted.
The investment into Upstream Security is a direct result of the Volvo Group’s partnership with DRIVE, the innovation centre that focuses on disruptive start-ups in the Israeli mobility sector. The transaction has no significant impact on the Volvo Group’s earnings or financial position, the company observed.
Anna Westerberg, acting-CEO, Volvo Group Venture Capital and Senior Vice-President, Volvo Group Connected Solutions, said Upstream Security has a promising offering and capability to support with cyber security solutions to meet the company’s future requirements.
The company’s mission is to protect every connected vehicle and smart mobility service on the planet, noted Yoav Levy, Co-Founder and CEO, Upstream Security. He said this funding is perfectly timed to meet the growing demand for Upstream Security’s data-driven, cloud-based platform, providing customers with the capabilities it needs to accomplish this vitally important task.