Upstream Security raises $36M from Mitsui Sumitomo Insurance to disrupt the telematics insurance space
Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, Inc. announced a strategic partnership through capital investment into Upstream Security, 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 Q2′ 2021. In addition to MSI, I.D.I. Insurance Company, one of the Israel’s leading insurance companies, also took part in the investment round. Earlier this year, I.D.I. together with MSI, launched a joint technology hub in Israel.
The strategic partnership with MSI 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.
The rapid growth of the connected car ecosystem has brought along with it an increased interest in telematics-based services. Upstream’s 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,” said 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.”
“The Upstream and MSI partnership will open new data-driven opportunities for both automotive manufacturers, insurance companies, and their customers,” said Yoav Levy, Co-Founder and CEO at 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.”
MSI strives to provide security and satisfaction to their customers, and Upstream‘s machine learning and big data platform is designed to unlock the value of mobility data. Through this partnership, MSI and Upstream will bring the power and benefits of automotive telematics data into the hands of the insurers and policy-holders.
