After successful participation in the BMW Startup Garage program back in 2019, Israel-based Upstream Security will be the recipient of investment on the behalf of BMW i Ventures, the automaker’s venture capital unit. The investment will be used to, “double down on Upstream’s growth and global expansion,” which is specifically aimed at developing and integrating cybersecurity systems for connected vehicles.
“As a global provider of premium connected vehicles, vehicle cybersecurity plays a key role for the BMW Group as well as its customers,” BMW General Manager for Automotive Security and Data Services, Martin Arend, explained. “We therefore support Upstream’s product development in this area, demonstrating its commitment to shaping the future of secure and safe mobility with its automotive cybersecurity and data management platform.”
BMW claims to have more than 14,000,000 connected vehicles on the road today, and as the roles of technology and connectedness continues to grow exponentially in the automotive industry in years to come, the need to ensure that these systems are protected and secure is of increasing importance. Upstream’s products and solutions include a data-management platform specifically oriented for connected vehicles, which is said to offer unparalleled cybersecurity and advanced data-driven applications. That platform uses data to secure vehicles that are already being used and driven to protect them from both known and unknown cyber attacks, and also leverages data for use by auto manufacturers.
“Upstream is committed to leading the way in the development of current and future cybersecurity and data management technologies, enabling our customers to unlock the value of mobility data to detect and mitigate cyber threats as well as improve their services,” added Yoav Levy, CEO and co-founder of Upstream Security. “I am thrilled by the opportunity to collaborate with an industry leader such as BMW, through BMW i Ventures and the BMW Startup Garage. The partnership will undoubtedly contribute to the future of the industry and to securing every driver on the road.”
In addition to automakers such as BMW, Upstream also works with tier one and two suppliers and mobility service providers to secure their cyber assets, leverage their ever-growing troves of data, and comply with industry regulations.
The investment in Upstream Security by BMW i Ventures follows several other similar strategic investments made in 2021 which have primarily been focused on battery development and broader sustainability.—Alex Tock
[Photos courtesy BMW AG, Upstream Security LTD.]