Nozomi Networks Raises $100 Million to Expand Industrial Cybersecurity Business

Nozomi Networks Raises $100 Million to Expand Industrial Cybersecurity Business

March 13, 2024 at 09:27AM

Nozomi Networks, an industrial and IoT cybersecurity firm, secured $100 million in a Series E funding round, with total funds now exceeding $250 million. Mitsubishi Electric and Schneider Electric joined as investors. The funding will assist in scaling product development and supporting global go-to-market efforts. Nozomi has emphasized the potential for an IPO given its strong financial position.

From the meeting notes provided, it is clear that Nozomi Networks, an Industrial and IoT cybersecurity firm, has secured a $100 million Series E funding round. This brings the total amount raised by the company to more than $250 million. Notably, key investors in this round include Mitsubishi Electric and Schneider Electric, who join other OT equipment manufacturers (OEMs) such as Honeywell and Johnson Controls.

According to the meeting notes, this latest funding is aimed at scaling product development efforts and supporting Nozomi’s global go-to-market approach. The company mentioned that this funding, combined with customer revenue, gives the “optionality to IPO,” indicating that they have not yet disclosed plans for a potential IPO.

Furthermore, Nozomi Networks President and CEO, Edgard Capdevielle emphasized the need for OEM-agnostic security solutions, particularly in the context of increasing attacks against critical infrastructure worldwide. Nozomi’s technology is highlighted to protect over 105 million OT, IoT, and IT devices across 12,000+ installations, and they recently unveiled Guardian Air, a security sensor designed to detect wireless threats in OT and IoT environments.

Finally, the meeting notes also list the various investors in Nozomi Networks, including Activate Capital, Energize Capital, Forward Investments, GGV Capital U.S., Honeywell Ventures, In-Q-Tel, Johnson Controls, Keysight Technologies, Lux Capital, Planven Investments SA, Samsung, Porsche Ventures, Telefónica Ventures, and Triangle Peak Partners.

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