San Francisco based Nozomi Networks has secured $100 million in pre-IPO funding to grow its OT and IoT security solutions.
The company intends to use the investment to scale both its product development and its market reach.
With ransomware and malware attacks on the increase, new challenges in OT and IoT visibility and security will be addressed, while growth in sales, marketing and partner enablement are proposed to broaden the reach of the company’s solutions.
The investment round was led by capital market company Triangle Peak Partners. Other investors included Honeywell Ventures, Telefónica Ventures and Porsche Ventures as well as Dubai Electricity and Water Authority’s Forward Investments on the customer side.
“Our investment in Nozomi Networks showcases our commitment to a global OT security firm that targets utilities,” said H.E. Saeed Al Tayer, MD and CEO of DEWA and Chairman of Forward Investments.
“Nozomi Networks helps clients fulfil their vision to deliver digital utilities using autonomous systems for renewable energy, storage, and expansion in artificial intelligence adoption by providing digital services. Given escalating cyber risks to ICS and control networks, advanced monitoring and threat detection systems play an increasingly critical role.”
The investment is well-timed, coming in the wake of a new US presidential memorandum to improve the cybersecurity of critical infrastructure with the development of a set of cybersecurity performance goals and formalisation of an initiative to facilitate the deployment of cybersecurity technologies and systems.
In its latest security review, Nozomi Networks reports a 44% increase in industrial control system vulnerabilities in the first half of 2021 compared with 2020, with ransomware as a service growing in dominance and the energy sector among the top three sectors affected.
Nozomi Networks offers a range of IT, OT and IoT security solutions for energy and other sectors. Among these, ‘Vantage’ is offered as a service and ‘Guardian’ is provided at the edge or public cloud, while a Central Management Console consolidates risk monitoring and visibility across distributed sites.
The company claims over 47 million devices monitored working with top utilities and companies in oil and gas, mining and pharma among others.