Upstream Security Raises $36M from Mitsui Sumitomo for Telematics Disruption

MSI is leading Upstream’s C-Round as part of a larger investment round that will be announced by Upstream during the second quarter of 2021.

(Upstream Security co-founder Yonatan Appel, CTO. and Yoav Levi, CEO, left to right. Source Upstream Security.) 

Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, Inc. (Tokyo) has announced a strategic partnership through capital investment into Upstream Security (Herzliya, Israel), 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 the second quarter of 2021.

“The strategic partnership 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,” says a statement from Upstream Security.

The company notes that a rapid growth of the connected car ecosystem has brought along with it an increased interest in telematics-based services. Upstream’s says its 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,” comments 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.”

Yoav Levy, Co-Founder and CEO, Upstream.

Developing Deep, Long-Lasting Relationships

“The Upstream and MSI partnership will open new data-driven opportunities for both automotive manufacturers, insurance companies, and their customers,” comments Yoav Levy, Co-Founder and CEO, 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.”

Upstream says that its machine learning and big data platform is designed to unlock the value of mobility data in ways that can bolster MSI’s commitment to provide security and satisfaction to its customers. The vendor says that, through their partnership, MSI and Upstream will bring the power and benefits of automotive telematics data into the hands of both the insurer and its policy-holders.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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