Upstream Security, an Israel-based company that provides cybersecurity for connected vehicles, raised $30 million in a Series B funding round backed by a prominent syndicate of investors, including some of the world’s largest OEM automotive vehicle manufacturers, insurance and fleet operators. 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. The company’s total investment to date is now $41 million.
Nationwide’s investment is designed to help Upstream enable OEM car manufacturers and fleets to detect, monitor and respond to attacks, targeting any part of the connected vehicle framework — even for vehicles already on the road.
“Nationwide understands that the safety and security of connected vehicles go hand-in-hand,” said Erik Ross, leader of Nationwide's venture capital team. “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.”
The Upstream announcement is part of Nationwide’s commitment to invest more than $100 million of venture capital in customer-centric solutions. Other venture capital investments include Snapsheet, Vestwell, Socotra, Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic and Sure.
Nationwide, a Fortune 100 company based in Columbus, is one of the largest diversified insurance and financial services organizations in the U.S.