Israel-based cybersecurity and data analytics software producer Upstream Security closed a $62m series C round on Tuesday led by Mitsui Sumitomo Insurance, a subsidiary of insurance group MS&AD.
The round included Salesforce Ventures and Volvo Group Venture Capital, investing on behalf of enterprise software producer Salesforce and commercial vehicle manufacturer Volvo respectively, in addition to downstream energy company Delek US and insurers IDI Insurance and Nationwide Insurance.
Mitsui Sumitomo Insurance had supplied $36m to Upstream as part of the round in May 2021, in conjunction with a strategic partnership. 57 Stars’ NextGen Mobility Fund, La Maison Partners, Glilot Capital and undisclosed backers also took part in the series C.
Upstream has built a cloud-based cybersecurity software platform that protects connected vehicles and smart mobility services from cyberattacks and vehicle misuse.
The series C funding will enable Upstream to expand its offering in the data analytics, insurance telematics, predictive analytics and business intelligence areas. It has raised $105m of funding to date.
Renault Venture Capital, the strategic investment arm of car manufacturer Renault, led a $30m series B round for the company in October 2019, investing alongside Volvo Group Venture Capital, carmaker Hyundai and its Hyundai AutoEver subsidiary.
Financial services firm Nationwide’s corporate venturing arm, Nationwide Ventures, also contributed to that round, as did Glilot Capital Partners, CRV and Maniv Mobility.