Upstream Security in Israel has secured $ 30 million in financing from a wide range of global automakers and venture capital firms as the company looks to tap into the emerging market for intruders to protect Internet-connected vehicles from hackers.
The theft of remote car theft through hackers connected to the Internet, especially when an article published in the magazine magazine Wired in 2015 specialized technology, the penetration of the Jeep Cherokee - SUV - while driving.
The automotive cybersecurity market is expected to grow dramatically, from around $ 16 million in 2017 to $ 2.3 billion in 2025, according to IHS Markit.
"This funding is a testament to the seriousness of the problem being addressed by the industry," Yuv Levy, CEO of Upstream Security, said in a statement. He announced that his company had secured $ 30 million from Alliance Ventures, the venture capital fund of French maker Renault. Japanese cars and Nissan- and Mitsubishi Motors.
The Swedish truckmaker Volvo, South Korea's Hyundai Motor, the National Insurance Company, Charles River Ventures, Glilot Capital and Manif Mobility were also involved in the financing, the Israeli company said.
"The problem that really haunts some automakers' boards is the consequences and risks of the technology we now have in our cars, once we give the hackers the ability to contact them," Dan Saher, vice president of Upstream Security, told Reuters. One of her cars. "
He added that hackers who affect the safety of cars will be the end of the modern car industry, pointing out that even the withdrawal or destruction of one of the models of the company because of the penetration, it may also be expensive.
Upstream Security will use the funds to double the number of employees, especially in sales as well as research and development, Saher said.
"Security is the key element in a connected car that we cannot bargain for. Upstream Security has shown how improved safety technology can enhance vehicle security," said Yongsong Huang, vice president of the Open Investment Group for Innovation Development at Hyundai Motor Co.