Nozomi Networks, an industrial cybersecurity startup headquartered in San Francisco, said it raised $100 million from its ecosystem of customers and partners. The raised funds will be used to create new products and promote sales.
The pre-IPO funding round was led by Triangle Peak Partners, a reputable asset management firm. The Series-D investment round also includes equipment, security, and services provider companies:
- Forward Investments
- Honeywell Ventures
- Keysight Technologies
- Porsche Ventures
- Telefónica Ventures
The success of the funding round comes as no surprise. Firstly, Nozomi Networks is one of the market leaders in cybersecurity, and investors have good reason to be confident about Nozomi’s future growth. Additionally, the recent proliferation of extremely damaging hacking and ransomware attacks forced both businesses and governments to increase investments in cybersecurity. Securing high-quality ransomware protection is key for protecting both personal and business interests today.
Nozomi Networks announced that it would use the $100 million to “grow its sales, marketing, and partner enablement efforts, and enhance its products to address new challenges in both the operational technology (OT) and internet of things (IoT) visibility and security markets.”
The fact that Nozomi Networks specializes in protecting critical infrastructure like oil and gas – sectors that were affected by the Colonial Pipeline attack – further boosted investment interest. Nozomi’s role centers on monitoring all system elements connected to the Internet and reporting any strange occurrences to the owners of the infrastructure.
The company’s CEO, Edgard Capdevielle, described the successful funding as “the ultimate endorsement.”
“As we began the fund-raising process, many of the largest ecosystem partners in the world along with our customers recognized Nozomi Networks as the industry leader and requested the opportunity to invest in the company. It’s the ultimate endorsement when not only a prestigious firm such as Triangle Peak Partners leads the investment, but customers and partners embrace Nozomi Networks and further validate our market leadership,” Capdevielle said.
The company had a very successful 2020, witnessing a record year of growth. It declined to reveal its valuation during this funding run.