We launched Upstream in early 2017 with a mission to make connected vehicles safe and secure at a time when the automotive industry is seeing tremendous innovation and disruption at the same time. We’ve been growing fast since then—and we’re about to grow even faster with help from a unique group of amazing investors.
Today, we’re announcing the closing of our Series B of funding of $30 million, bringing together a global syndicate of some of the largest automotive OEM car manufacturers, insurance providers and continued support from our existing investors. This includes world-leading OEMs such as Renault, Volvo Group, Hyundai, Hyundai-AutoEver as well as Nationwide Insurance, one of the largest insurance and financial services organizations in the US.
Bringing together multiple competing automotive firms was quite an undertaking and before anything else, I wanted to mention how proud I am of our team that enabled all this. We believe that this one-of-a-kind investor syndicate points to three things:
- The problem we are tackling – security of connected vehicles – is one of the most important issues in the future of smart mobility services and one that affects consumers and commercial fleets alike.
- Vehicle Security Operations Centers (VSOC) are being built and operated around the world by OEMs, MSSPs and fleets alike. Upstream’s solution is best positioned to achieve effective security for the vehicles and the infrastructure and services around them. The truth is in the architecture – our cloud-native C4 platform that leverages existing data already collected by the automotive OEMs and fleets is the most cost-effective and comprehensive solution for effective cybersecurity for connected cars.
- The value of partnerships and an open platform – over the last year we have dedicated extensive efforts in growing our partner network with MSSPs (Managed Security Service Providers), suppliers and OEMs – by working together we are able to bring our platform to market faster and enable end-to-end tailored solutions for the unique needs of our customers – OEMs and fleets alike.
The past two and a half years have been incredibly rewarding. While we still have a long way to go, Upstream has made dramatic progress over the past year: our platform is already ingesting data of over 2 million vehicles, the Upstream C4 platform is considered by many THE core element powering VSOCs of commercial and passenger vehicles, we have built a global operation across three continents and launched the industry’s first automotive cybersecurity threat feed – AutoThreat™Intelligence. We wish we could share some of our success stories of working with some of the most talented cybersecurity professionals in the automotive industry. What we’re most excited about is to now having the ability and resources to grow even faster, building on a field-proven product and sales engagement models.
Fundraising typically marks a change of scale, and a shift of focus in the problems you’re tackling – on many levels, it’s similar to shifting into high gear in a car. We have already begun laying foundations for driving the Upstream machine in high gear. I couldn’t be more excited about what’s ahead for us. If you’re passionate about making an impact and want to help us ensure the security and safety of each and every vehicle on our roads, please reach out — we’d love to have you on the team!
I am excited of what lies ahead in our journey and have full confidence that together with our new investment partners and our growing team, we have what it takes to capitalize on the great opportunity ahead of us.