Upstream Expands Series B Funding
Upstream partners with Salesforce Ventures to fuel the development of new end-to-end data services for the automotive ecosystem
Upstream Security announced that it has secured an expansion of its Series B funding with an investment by Salesforce Ventures. The undisclosed amount is in addition to $30 million previously invested by Alliance Venture Capital (Renault, Nissan, Mitsubishi), Hyundai, Nationwide Insurance, Volvo Group, and others.
Upstream offers specialized cloud-based data services for connected cars, including cybersecurity, quality enhancement, and data monetization opportunities. Salesforce offers its leading CRM platform to automotive OEMs, dealers, suppliers, and mobility services. The partnership between the two companies will bring real-time end-to-end data-driven solutions to the automotive sector.
“Our partnership with Upstream will empower our automotive customers with value-added end-to-end data services,” said Achyut Jajoo, Salesforce’s Vice President and Chief Solutions Officer for Manufacturing Industries. “The fusion between data and customized offerings is integral to the digital transformation of the automotive sector.”
As the automotive industry becomes a smart mobility ecosystem with connectivity at its root, new tools are needed. Utilizing connected car data such as telematics, OTA (over the air updates) and mobility applications opens extensive opportunities for automotive OEMs, dealers, suppliers, and value-added mobility services. A growing number of the world’s largest vehicle OEMs and mobility providers already rely on Upstream’s platform to transform their automotive data into a comprehensive cybersecurity solution utilizing vehicle digital twins and insights.
This new partnership with Salesforce Ventures will enable the digital transformation of smart mobility players by producing an end-to-end automotive data service, beyond cyber capabilities, that will allow additional players in the automotive ecosystem to both understand the connected car data and enact real-time actions based on the insights found within that data.
“Both Salesforce and Upstream have jointly recognized the power in automotive data and the capabilities that it unlocks,” explains Upstream Co-Founder and CEO, Yoav Levy. “Paired with Salesforce’s unparalleled CRM services, Upstream’s field proven automotive-specific machine learning and data analysis tools will be instrumental in helping the automotive realm adapt to the new-age demands of the connected car customer.”