Upstream Security Raises $36M from Mitsui Sumitomo Insurance to Disrupt the Telematics Insurance Space
HERZLIYA, ISRAEL and TOKYO, JAPAN – May 20, 2021 – Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, Inc. today announced a strategic 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, one of the Israel’s leading insurance companies, also took part in the investment round. Earlier this year, I.D.I. together with MSI, launched a joint technology hub in Israel.
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.
The rapid growth of the connected car ecosystem has brought along with it an increased interest in telematics-based services. Upstream’s cloud-based mobility data platform expands MSI’s data analytics capabilities and enables MSI to provide additional risk-related services based on driver usage and behavior.
“As part of our ‘Vision 2021’, medium term business plan, we at MSI aim to improve the customer experience through digitalization,” said Masashi Ippongi, Director, Managing Executive Officer at Mitsui Sumitomo Insurance Company, Limited. “Upstream’s data analytics vantage will help MSI satisfy the consumer demand for higher-value and next-gen insurance products, applications, and services.”
“The Upstream and MSI partnership will open new data-driven opportunities for both automotive manufacturers, insurance companies, and their customers,” said Yoav Levy, Co-Founder and CEO at Upstream. “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.”
MSI strives to provide security and satisfaction to their customers, and Upstream’s machine learning and big data platform is designed to unlock the value of mobility data. Through this partnership, MSI and Upstream will bring the power and benefits of automotive telematics data into the hands of the insurers and policy-holders.
Established in 1918, Mitsui Marine & Fire Insurance Co., Ltd. merged with Sumitomo Marine & Fire Insurance Co., Ltd. in 2001 to form Mitsui Sumitomo Insurance Co., Ltd. In 2010, it then integrated management with Aioi Insurance Co., Ltd. and Nissay Dowa General Insurance Co., Ltd, leading to the creation of the MS&AD Insurance Group, which is now a top ten Fortune Global 500 company in insurance Property & Casualty category. With global business expansion to 49 countries and regions, especially in Asia, and as the world’s only global non-life insurance group with a presence in all 10 ASEAN countries, the Group maintains the No. 1 presence for gross written premiums in the ASEAN region.
About Upstream Security:
Upstream Security offers a cloud-based mobility cybersecurity and data analytics platform purpose-built for connected vehicles and smart mobility services. Upstream’s C4™ platform fuses machine learning, data normalization, and digital twin profiling technologies to detect anomalies in real-time using existing automotive data feeds. Coupled with AutoThreat® Intelligence, the first automotive cybersecurity threat intelligence feed, Upstream provides unparalleled cybersecurity and data-driven insights, readily available and seamlessly integrated into the customer’s environment and broader vehicle security operations center (VSOC). Upstream is privately funded by Alliance Ventures (Renault, Nissan, Mitsubishi), Volvo Group, Hyundai, Nationwide Insurance, Salesforce Ventures, CRV, Glilot Capital Partners, and Maniv Mobility.
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