Upstream Security, a connected car security outfit, has managed to raise $9 million in funding. The company is planning to use the money to expand in the US and EU markets.
The Israel-based company offers solutions that rest in the cloud, and are meant to enhance the cybersecurity functionality of connected cars. In order to develop their solutions, the company uses technologies such as machine learning, analytics, and big data.
According to Gartner, a well-known research company, the world will see 250 million active users of connected cars by 2020. At the same time, this also means that there will be 250 million potential new targets for cybercriminals to target.
This is especially alarming since, in a typical context, a hacker may tamper with a machine, delete or steal data, forge credentials, and so forth, but very rarely directly endanger a human life. With the increased prevalence of connected cars, this could quickly become a very real threat to fear.
If nothing else, a hacker could remotely steal a car using connected technology, and we’ve already seen companies withdraw certain car models due to the possibility of remote exploitation.
Upstream Security aims to prevent such scenarios from ever becoming a reality, and that’s what their research seems to be aiming for. The funds they’ve gathered, along with helping them enter new markets, will be funnelled towards that purpose.
Soon, the company will open additional sales offices in Europe and the United States.