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The
automotive cybersecurity market is forecast to see exponential
growth, from around $16 million in 2017 to an expected $2.3
billion in 2025 according to IHS Markit.
"This ... is a testament to the severity of the problem the
industry is tackling," Upstream Chief Executive Yoav Levy said
in a statement announcing it had secured $30 million from
Alliance Ventures, the venture capital fund of French automaker
Renault and Japan's Nissan Motor Co Ltd and Mitsubishi Motors
Corp.
Swedish truckmaker Volvo, South Korea's Hyundai Motor Co,
Nationwide Mutual Insurance Co [NMUIC.UL] and early - Charles
River Ventures, Glilot Capital and Maniv Mobility - also took
part, Upstream said.
Cyber carjacking received attention when a 2015 article by
technology magazine Wired showed researchers hacking a Jeep
Cherokee SUV while it was driving.
"The problem on the mind in some boardrooms of the (automakers)
is really what are the consequences and the risks that we now
have in our cars once we introduce connectivity to them,"
Upstream Vice President Dan Sahar told Reuters. "No company
wants to be the next one that happens to."
Hackers affecting the safety of cars would be the "doomsday
scenario" for the industry, but recalls or damage to a company's
brand can be costly as well, he said.
Upstream will use the funds to double staff numbers, Sahar said,
particularly in sales as well as research and development.
"Security is the core element of the connected vehicle which we
cannot compromise," Yunseong Hwang, vice president of Hyundai's
Open Innovation Investment Group, said in the statement.
"Upstream has demonstrated how its optimized security technology
can strengthen vehicle security."
(Reporting by Ben Klayman in Detroit, editing by Louise Heavens)
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