Mitsui Sumitomo Insurance backs Upstream Security
Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD , announced a partnership through capital investment into Upstream Security , which offers a cloud-based mobility cybersecurity and data analytics platform as part of the automotive OEM’s vehicle security operations center (VSOC). MSI is leading Upstream’s C-Round as part of a larger investment round that will be announced by Upstream during Q2′ 2021. In addition to MSI, I.D.I. Insurance Company, also took part in the investment round. Earlier this year, I.D.I. together with MSI, launched a joint technology hub in Israel.
Established in 2017, Upstream improves the safety and security of connected vehicles and services built for them. It does this by monitoring business critical events and identifying cyber threats in real-time via a centralized cloud-based analysis of multiple automotive data feeds, including telematics and mobile applications. The solution is 100% agentless and does not require any hardware or software inside the vehicles. “The strategic partnership with MSI will help revolutionize the car insurance industry, allowing insurance companies to use connected vehicle data to gain meaningful insights for various insurance-related areas including improved risk management and enhanced customer experience.”
“As part of our ‘Vision 2021’, medium term business plan, we at MSI aim to improve the customer experience through digitalization. Upstream’s data analytics vantage will help MSI satisfy the consumer demand for higher-value and next-gen insurance products, applications, and services.” – Masashi Ippongi, Director, Managing Executive Officer at Mitsui Sumitomo Insurance Company, Limited.
“The Upstream and MSI partnership will open new data-driven opportunities for both automotive manufacturers, insurance companies, and their customers. We are excited to work with MSI to expand our existing mobility data platform and to develop deep and long-lasting relationships with their customers and automotive OEMs in Japan.” – Yoav Levy, Co-Founder and CEO at Upstream.