Upstream Security, a cloud-based mobility cybersecurity corporation in Israel, announced recently that it has successfully raised a sum of $36 million in its most recent financing round, which was a Series C. The round was led by a subsidiary belonging to the MS&AD Insurance Group Holdings, by the name Mitsui Sumitomo Insurance (MSI).
The investment from MSI is just another step towards building a strategic partnership between the cybersecurity company and the subsidiary. It has been predicted that these two organizations coming together has the potential to disrupt the entire market of telematics insurance.
The capital raised by Upstream Security has been declared to be a chunk of a larger investment round, which will be revealed in the second quarter of the current year. This particular financing round was also participated in by the I.D.I. Insurance company. Just a couple of months ago, MSI and I.D.I. had gotten together to launch a joint technology hub in the Jewish state.
Should Upstream Security successfully develop its strategic partnership with the subsidiary of MS&AD Insurance Group Holdings, it will enable other insurance companies to utilize connected vehicle data and gain valuable insights into areas related to insurance. These areas will include enhanced customer experience and improved risk management.
The platform used by Upstream Security to gain data on cloud-based mobility allows it to expand the data analytic capabilities of MSI’s information. It also enables the subsidiary to offer its customers the ability to avail more risk-related services that are based on driver behavior and usage.
The Director and Managing Executive Officer at MSI, Masashi Ippongi, stated that as part of the company’s vision for the year 2021, it hopes to make improvements in the customer experience it provides by using digitalization. According to him, the data analytics vantage from Upstream will ensure that the subsidiary is able to meet consumer demand for greater value and advanced applications, services, and insurance products.
Upstream Security is based in Herzliya and was founded by Yoav Levy, the CEO, and Yonatan Appel, the CTO.
Levi also talked about the strategic partnership between MSI and Upstream, saying that it will open up new opportunities, which will be data-driven. These additional opportunities will be for insurance companies, automotive manufacturers, as well as their customers. He added that the corporation is looking forward to working with MSI to make improvements and advancements in its mobility data platform.
Moreover, Levi maintained that the cybersecurity company is looking to develop long-lasting and deep relationships with automotive OEMs, located in Japan, along with customers of the insurance subsidiary.
In other news, Salto, a startup based in Israel for business apps configuration, informed that it has completed its Series B financing round with a figure of $42 million. The round was led mostly by Accel, and received participation from its current investors, such as Bessemer Venture Partners, Lightspeed Venture Partners, and Salesforce Ventures. The total amount of funding that has now been raised by the corporation stands at a sum of $69 million.