Upstream Security announced that it has secured an expansion of its Series B funding with an investment by Salesforce Ventures. The undisclosed amount is in addition to $30 million previously invested by Alliance Venture Capital (Renault, Nissan, Mitsubishi), Hyundai, Nationwide Insurance, Volvo Group, and others.
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Upstream offers specialized cloud-based data services for connected cars, including cybersecurity, quality enhancement, and data monetization opportunities. Salesforce offers its leading CRM platform to automotive OEMs, dealers, suppliers, and mobility services. The partnership between the two companies will bring real-time end-to-end data-driven solutions to the automotive sector.
“Our partnership with Upstream will empower our automotive customers with value-added end-to-end data services,” said Achyut Jajoo, Salesforce’s Vice President and Chief Solutions Officer for Manufacturing Industries. “The fusion between data and customized offerings is integral to the digital transformation of the automotive sector.”
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As the automotive industry becomes a smart mobility ecosystem with connectivity at its root, new tools are needed. Utilizing connected car data such as telematics, OTA (over the air updates) and mobility applications opens extensive opportunities for automotive OEMs, dealers, suppliers, and value-added mobility services. A growing number of the world’s largest vehicle OEMs and mobility providers already rely on Upstream’s platform to transform their automotive data into a comprehensive cybersecurity solution utilizing vehicle digital twins and insights.
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