Le Lézard
Classified in: Transportation, Science and technology, Business
Subject: VEN

Volvo Group Venture Capital Invests in Cybersecurity


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.  

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/ab-volvo/r/volvo-group-venture-capital-invests-in-cybersecurity,c2937133

The following files are available for download:

https://mb.cision.com/Main/39/2937133/1126708.pdf

Press release

https://news.cision.com/ab-volvo/i/1860x1050-upstream-dome,c2703265

1860x1050-upstream-dome

SOURCE AB Volvo


These press releases may also interest you

at 00:01
ATTOM Data Solutions, curator of the nation's premier property database, today released its fourth-quarter 2020 Special Coronavirus Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the...

at 00:00
A new digital treasury services management provider SH Capital Ltd (SHC), launches in Dubai today with a mission to empower small and medium sized enterprises (SMEs and MMEs) by offering world class global banking services, asset management, FX...

at 00:00
MIVI Neuroscience, a medical device company focused on improving clinical outcomes for ischemic stroke patients, today announced the closing of its Series B funding including $35 million in new money plus the conversion of previously issued...

at 00:00
The Q4 2020 Latino Small Business Credit Survey edition is a review of 2020 highlighting credit trends relating to Latino-Owned Businesses (LOBs). Based on our report findings, Camino Financial offers policy guidance for the new Biden-Harris...

at 00:00
RALNA ? The Residential Assisted Living National Association (RALNA) is the new one-stop-shop offering a fountain of free resources for the senior housing industry. RALNA memberships are now free of charge. The organization is helping small, assisted...

at 00:00
RALNA ? The Residential Assisted Living National Association (RALNA) is helping caregivers across the country to carry the load of caring for the aging population. Often overlooked, but never forgotten, caregivers are the foundation of many families...



News published on 21 october 2019 at 06:14 and distributed by: