Israel’s Upstream, gaining funding to expand into the automotive cyber security

FILE PHOTO: the icipants of 2019 at the latest DEF CON-cybersecurity event can be found on the conference in the car to hack town Las Vegas in Las Vegas, Nevada, united states of america, August 9, 2019 at the latest. (REUTERS photo/Tina Bellon/File Photo

DETROIT (Reuters) – Israel’s Upstream Protection, has secured $30 million funding from a wide range of global vehicle manufacturers, venture capital firms, as it seems to be an increasingly competitive market for software to protect vehicles from hackers on the internet.

The car is cyber security market is forecast to show exponential growth, from approximately $16 million in 2017, at an estimated $2.3 billion a year by 2025, according to IHS Markit.

“This is a proof of the seriousness of the problem, the industry has been addressing the ‘Upstream’ Chief Executive, Yoav Levy, said in a statement announcing it had secured $30 million from alliance Ventures, venture capital fund, which for the French car manufacturer Renault and the japanese Nissan Motor Co., Ltd. Mitsubishi Motors Corp. (A).

Swedish truckmaker Volvo, South korea’s Hyundai Motor Co., Nationwide Mutual Insurance Co. [NMUIC.UL], and the early Charles River Ventures, Glilot Capital, and Maniv Mobility was also part of Upstream, said.

Cyber car-jacking, how much better is it when by 2015, an article in technology magazine, Wired, showed the researchers and the hack of a Jeep Cherokee SUV as he was driving.

“The problem is in the mind, in some of the boardrooms of the auto manufacturers is really, what are the consequences and the risks that we have in our cars, once we introduce the connectivity to them is,’ Upstream, Vice-President Sahar, told Reuters. “No company wants to be the next one that’s going on.”

World, the safety and security of the car would be the “worst case scenario” for the industry, but remember, or damage to a business can be expensive, as well, ” he said.

Upstream of the funds will be used to double the number of employees, Sahar said, and, in particular, in the market as well as for research and development.

“Safety is the most important component of the connected vehicle is that we can’t have a trade-off,” Yunseong Hwang, vice president of Hyundai’s ‘ Open Innovation Investment Group, said in a statement. “Upstream has been demonstrated how the enhanced security technologies that can enhance the safety and security of the vehicle.”

Reporting by Ben Klayman in Detroit, editing by Louise Heavens

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