Tuesday, 22 October 2019 11:02

Volvo Group invests in cyber security company

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Swedish transport giant Volvo has invested in Israeli automotive cybersecurity company Upstream Security to fund the development of systems to protect connected vehicles following the introduction of data-driven technologies.

The automotive company has channelled its investment in Upstream through its corporate investment company Volvo Group Venture Capital AB.

The invest comes as a direct result of the Volvo Group’s partnership with DRIVE, an innovation centre that focuses on disruptive start-ups in the Israeli mobility sector.

“Upstream Security has a promising offering and capability to support with cyber security solutions to meet our future requirements,” says Anna Westerberg, acting CEO of Volvo Group Venture Capital and Senior Vice President, Volvo Group Connected Solutions.

According to Volvo, market research shows that there will be substantial growth in the market for cybersecurity solutions for connected vehicles in the coming years.

“Our mission is to protect every connected vehicle and smart mobility service on the planet. This funding is perfectly timed to meet the growing demand for our data-driven, cloud-based platform, providing our customers with the capabilities it needs to accomplish this vitally important task,” says Yoav Levy, Upstream Security co-founder and CEO.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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