Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, Inc. today announced a strategic partnership through capital investment into Herzliya-based 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).
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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 is expected to allow insurance companies to use connected vehicle data to gain meaningful insights for various insurance-related areas, including improved risk management and customer experience.
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.
"The Upstream and MSI partnership will open new data-driven opportunities for both automotive manufacturers, insurance companies, and their customers," said Upstream co-founder and CEO Yoav Levy. "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."
