Press Release: Industrial Cybersecurity Leader Nozomi Networks Raises $30 Million

With total funding at $54M, Nozomi Networks accelerates growth, extends leadership in ICS cyber security

SAN FRANCISCO, September 27, 2018 – Nozomi Networks Inc., the leader in industrial cybersecurity and operational visibility announced today it has raised $30 million in Series C financing. The company’s first institutional investor, Giovanni Canetta Roeder, led the efforts of Planven Investments SA, GGV Capital, Lux Capital, Energize Ventures (formerly Invenergy Future Fund) and THI Investments, bringing Nozomi Networks’ total funding to date to $53.8 million. This latest round quickly follows a $15 million round in January 2018. Funding will be used to fortify Nozomi Networks’ market lead by further broadening its global presence and continuing expansion of research and development. The company is solidly positioned to address an ICS cybersecurity market that continues an upward trajectory.

“The backing of all our existing investors so quickly after our previous round is tremendous validation that the time for Nozomi Networks is now,” said Edgard Capdevielle, President and CEO of Nozomi Networks. “While 2018 has been a year of great attention on industrial vulnerabilities, 2019 will be the year the industry takes greater action to secure the world’s critical infrastructure.”

2017 was a breakout year in which Nozomi Networks significantly beat its revenue goals and expanded its customer footprint across five continents, culminating in its series B funding round in January. 2018 continues Nozomi Networks’ explosive growth, as the company entered into global strategic partnerships with IBM, Atos and Cisco, and opened offices in Australia, Brazil, Canada, Germany, United Arab Emirates and the United Kingdom.

“Since our initial investment in the company, we’ve only grown more excited about this market and in Nozomi Networks management team’s ability to build a global enterprise software company. Nozomi Networks is a customer-focused and reliable organization and it is uniquely positioned to address its clients’ most advanced ICS cybersecurity threats,” said Giovanni Canetta Roeder, CEO, Planven Investments SA. “Now is the right time to double down on our investment in Nozomi Networks.”

Nozomi Networks built its platform specifically for the most challenging industrial environments, with the scale needed for large global installations. Substantive new deployments and expanding engagements with existing customers is proof positive that Nozomi Networks has the right solution to deliver the ICS security and operational visibility customers need to be resilient.

Midway through the year, Nozomi Networks had exceeded its annual revenue goals and now has more than 1000 installations, monitoring and protecting over 300,000 industrial devices spanning utilities, oil and gas, manufacturing, pharmaceuticals, chemicals, mining and other critical infrastructure sectors. That includes 500+ hydro generation facilities, 400+ gas distribution substations, 300+ electrical substations and dozens of refineries and global manufacturing sites. The significant customer traction drove investors to quickly fund Nozomi Networks again to further accelerate the company’s growth.

Supporting Quotes:

“Nozomi Networks’ dedication to building a secure future for the world’s critical infrastructure is paying off,” said Glenn Solomon, Managing Partner, GGV Capital.  “Given the incredible reaction of Nozomi’s customers and partners to the company’s steady stream of innovative new products, it’s resoundingly clear that the Nozomi team has emerged as the industry leader, with a track record of success, proven expertise and advanced technology needed to meet the ICS cybersecurity requirements of the industrial infrastructure that runs the world.”

“As cyber attacks against energy, oil and gas and other critical infrastructure continue to grow in frequency and sophistication, Nozomi Networks has emerged as the trusted provider in this space,” said John Tough, Partner, Energize Ventures. “With virtually every industrial organization looking for a solution, there couldn’t be a better time to fuel Nozomi Networks’ leadership in this space.”

“Nozomi Networks’ impressive revenue and customer growth has been augmented by the rapid expansion of the company’s global partner network,” said Bilal Zuberi, Partner, Lux Capital. “Nozomi Networks’ partners now include an expansive list of global leaders in IT and OT networking and security. In a market where ICS Cybersecurity is now a C-level priority, it is a perfect opportunity for Lux to double down on our investment in Nozomi Networks.”

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