GÖTEBORG, Sweden, Oct. 21, 2019 /PRNewswire/ -- Volvo Group
Venture Capital AB has invested in Upstream Security, a leading
Israeli automotive cybersecurity company. The investment will fund
the development of systems to protect connected vehicles following
the introduction of data-driven technologies.
Upstream Security is a Tel
Aviv-based start-up company which provides cybersecurity
solutions designed specifically to protect connected vehicles from
cyber threats or misuse while stationary and in motion.
The investment is a direct result of the Volvo Group's
partnership with DRIVE, the leading innovation centre that focuses
on disruptive start-ups in the Israeli mobility sector.
"Upstream Security has a promising offering and capability to
support with cyber security solutions to meet our future
requirements," says Anna Westerberg,
acting CEO of Volvo Group Venture Capital and Senior Vice
President, Volvo Group Connected Solutions.
Market research shows that there will be substantial growth in
the market for cybersecurity solutions for connected vehicles in
the coming years.
"Our mission is to protect every connected vehicle and smart
mobility service on the planet. This funding is perfectly timed to
meet the growing demand for our data-driven, cloud-based platform,
providing our customers with the capabilities it needs to
accomplish this vitally important task," says Yoav Levy, Upstream Security co-founder and
CEO.
The transaction has no significant impact on the Volvo Group's
earnings or financial position.
October 21, 2019
For further information, please contact:
Claes Eliasson
Volvo Group Media Relations
+46-31-23-72-29
volvogroup.com/press
For more information, please visit
volvogroup.com/press
The Volvo Group is one of the world's leading manufacturers of
trucks, buses, construction equipment and marine and industrial
engines. The Group also provides complete solutions for financing
and service. The Volvo Group, which employs almost 105,000 people,
has production facilities in 18 countries and sells its products in
more than 190 markets. In 2018 the Volvo Group's sales amounted to
about SEK 391 billion (EUR 38,1 billion). The Volvo Group is a
publicly-held company headquartered in Göteborg, Sweden. Volvo shares are listed on Nasdaq
Stockholm.
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SOURCE AB Volvo