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Nozomi Networks secures $100m for IoT security expansion
Fri, 15th Mar 2024

Nozomi Networks, a global specialist in OT and IoT security, has announced a $100 million Series E funding round aimed at expediting ingenious cyber defences and facilitating cost-efficient global market expansion. Contributors to this latest round of funding include global leaders in digital manufacturing, electronics and electrical equipment, Mitsubishi Electric, and digital automation and energy management, Schneider Electric.

Edgard Capdevielle, President and CEO of Nozomi Networks, noted, "As we meet with customers around the world, the reality is that they operate highly heterogeneous environments and are looking for a security platform that can effectively defend those environments. This investment clearly underscores the need and support for OEM-agnostic security solutions in light of today's escalating attacks against critical infrastructure around the world.” Nozomi plans to use the investment to help scale its product development efforts and to enhance its go-to-market strategy across the globe.

Recent consolidation in the OT and IoT security space and the rise in criminal and nation-state cyber threats to industrial and critical infrastructure have resulted in an increased demand for Nozomi Networks solutions. Furthermore, there is a growing need for comprehensive solutions that can address the cybersecurity needs of industrial and critical infrastructure organisations that operate complex, multi-vendor environments.

Barbara Frei-Spreiter, Executive Vice President of Industrial Automation at Schneider Electric, mentioned the increasing risk of cyber threats facing critical infrastructure owners. She highlighted, "Now is not the time to compromise on cybersecurity. As a partner of Nozomi Networks, we have collaborated over the years to provide customers with cybersecurity solutions and services that help them control, prevent and mitigate risks to their operations. This investment speaks to ensuring the market has access to robust cybersecurity solutions that can scale across heterogeneous industrial and critical infrastructure environments without compromise and reinforces the importance of interoperability across systems and vendors.”

Satoshi Takeda, Chief Digital Officer at Mitsubishi Electric, noted the significance of investing in critical infrastructure cybersecurity. He acknowledged Nozomi Networks' unique R&D model and ability to innovate and scale quickly as pivotal reasons behind the investment, stating, "Customers and partners all rely on Nozomi Networks’ expertise and constantly advancing technology to secure the industrial infrastructure that runs the world."

Nozomi Networks has established partnerships with a myriad of industry leaders in the OT and IoT OEM community, spanning ABB to Yokogawa. This diverse set of partnerships enables the company to provide superior support for customers operating in various environments. This Series E funding round stands as the latest in a series of milestones for Nozomi Networks.

The company has protected over 105 million OT, IoT and IT devices worldwide, with more than 12,000 installations spanning six continents. It has also experienced fivefold organic growth in ARR since launching its flagship Vantage product in 2021. In addition to Mitsubishi Electric and Schneider Electric, Nozomi Networks also counts Activate Capital, Energize Capital, Honeywell Ventures, In-Q-Tel, Johnson Controls, Keysight Technologies, and others as investors.