Nozomi Networks bags USD 100 Mn in Triangle Peak-led Series D funding

  • The fresh funds will be used to increase the company’s product offerings and its go-to-market approach.
  • Nozomi Networks will also enhance its marketing, sales, and partner enablement efforts from this new capital.

California-based industrial cybersecurity provider Nozomi Networks Inc. has reportedly secured USD 100 million in a Series D funding round, led by Triangle Peak Partners LP. The fresh funds will be used to increase the company’s product offerings and its go-to-market approach worldwide.

The funding round also saw participation from Forward Investments Ltd., Keysight Technologies, Honeywell Ventures, In-Q-Tel, Porsche Digital GmbH, and Telefonica Ventures.

For the record, Nozomi Networks Inc. was founded in 2013 by Morena Carullo and Andrea Carcano to use machine learning technology for behavior analysis, device identification, and anomaly detection on the control system and IoT networks.

Nozomi’s renowned industrial cybersecurity solution is known to secure ICS devices by detecting threats before they can cause harm, further preventing cyber breaches from happening. Moreover, it helps organizations to enhance resilience for industrial operations and provides real-time visibility while managing cyber risk.

CEO at Nozomi Networks, Edgard Capdevielle, was quoted saying that the company will enhance its marketing, sales, and partner enablement efforts and improve its products to better combat new challenges in the internet of things (IoT) security and operational technology markets.

Nozomi Networks recently reported a 5000% rise in the number of devices monitored by its solutions. The company, which supports approximately 250,000 devices currently, also doubled its customer base since 2020.

The number of ransomware attacks and cyberattacks has increased manifold in the past few years. In 2017 for instance, IoT and ransomware attacks grew by 600% and 350% respectively, cited sources with relevant information.

Amid the increasing prevalence of cyberattacks and growing investor interest in cybersecurity solutions, it will be interesting to see how Nozomi Networks expands in the upcoming years.

Source: https://techcrunch.com/2021/08/02/industrial-cybersecurity-startup-nozomi-networks-secures-100m-in-pre-ipo-funding/