Published on November 10th, 2021 📆 | 6106 Views ⚑0
BMW invests in cybersecurity company
BMW i Ventures, the venture capital unit of the BMW Group, has announced a strategic investment in Upstream Security, a tech startup which aims to accelerate the development of innovative automotive cybersecurity technologies and promote strategic connected vehicle cybersecurity projects.
Israel-based Upstream is described as a data management platform purpose-built for connected vehicles, delivering automotive cybersecurity and advanced data-driven applications. The platform utilizes connected vehicle data to secure vehicles already on the road against known and unknown cyber-attacks and helps OEMs to unlock the value of automotive data.
“As a global provider of premium connected vehicles, vehicle cybersecurity plays a key role for the BMW Group as well as its customers.” BMW General Manager for Automotive Security and Data Services, Martin Arend, commented. “We therefore support i.a. Upstream’s product development in this area, demonstrating its commitment to shaping the future of secure and safe mobility with its automotive cybersecurity and data management platform.”
The collaboration with Upstream started back in 2019 when Upstream joined the BMW Startup Garage program and became a supplier of the BMW Group. The pilot project was successfully completed by the BMW Technology Office in Israel. Leveraging the BMW Startup Garage program, Upstream can harness experienced and specialized resources to develop and test its technology.
“Upstream is committed to leading the way in the development of current and future cybersecurity and data management technologies, enabling our customers to unlock the value of mobility data to detect and mitigate cyber threats as well as improve their services,” said Yoav Levy, CEO and Co-founder of Upstream Security. “I am thrilled by the opportunity to collaborate with an industry leader such as BMW, through BMW i Ventures and the BMW Startup Garage. The partnership will undoubtedly contribute to the future of the industry and to securing every driver on the road.”
Upstream says it ’empowers automotive stakeholders including OEMs, Tier 1 and 2 suppliers, and mobility service providers, to leverage their data, secure their assets, and comply with cybersecurity regulations’.
About BMW Startup Garage
BMW Startup Garage is the BMW Group’s venture client unit. It shares ideas with more than 1,000 startups in about 30 countries every year, seeking out innovations that deliver real benefits for the BMW Group’s products, services, systems and processes. This secures the company early access to innovations that can be customised before they are ready to market. The startups gain valuable insights into automotive processes and are able to build a network within the company. They also receive assistance in refining their business plan. The aim of the programme is to evaluate startups and enable them as long-term partners for the BMW Group, as a way of strengthening the company’s innovation leadership. The Startup Garage has a presence worldwide at the BMW Tech Office locations: Munich, Mountain View, Shanghai, Seoul, Tokyo and, since 2020, Tel Aviv. More than 100 young companies have completed the program of the BMW Startup Garage to date.