Nozomi Networks has announced a $100 million pre-IPO-funding round to help accelerate its growth phase. Led by Triangle Peak Partners, the Series-D round also includes investments from a large stable of equipment, security, service provider and go-to-market companies including; Forward Investments, Honeywell Ventures, In-Q-Tel, Keysight Technologies, Porsche Ventures and Telefónica Ventures.
“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,” said Edgard Capdevielle, President and CEO of Nozomi Networks. “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.”
The company will reportedly use this latest investment to help scale product development efforts as well as its go-to-market approach globally. Specifically, Nozomi Networks will 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. With ransomware and malware attacks on organisations and critical infrastructure at an all-time high, the need for Nozomi Networks solutions has never been greater.
“With the OT and IoT security market on the verge of explosive growth, Nozomi Networks has not only risen to the top but is strongly positioned to continue to outpace the market,” said Dain F. DeGroff, Co-founding Partner and President, Triangle Peak Partners. “The company’s consistently strong performance in combination with an impressive R&D model and its ability to scale quickly set itself apart. We’re excited to be a part of Nozomi Networks’ future.”
“With the constant rise of cyber threats facing asset owners around the world, including critical infrastructure, customers are looking for better and more efficient ways to protect operating environments and reduce cybersecurity risk,” said Que Dallara, President and CEO, Honeywell Connected Enterprise. “As a partner of Nozomi Networks, we have seen first-hand the momentum it has, the value it delivers to customers and the opportunity we have for continued growth. Our investment reinforces the importance of our relationship with Nozomi Networks, and it will strengthen our ability to deliver a robust OT cybersecurity portfolio, supported by Honeywell’s global professional and managed security services.”
“We are very happy to be an investor in Nozomi,” added Brinda Jadeja, Senior Parnet, Investments, In-Q-Tel. “They have been a fantastic partner to work with through the course of our strategic engagement. Nozomi Networks’ use of machine learning enables them to provide advanced device identification, behavioural analysis, and anomaly detection capabilities through passive monitoring of IoT and OT networks.
“This level of visibility is essential for protecting critical infrastructure devices and networks. Their solution is designed to support distributed network architectures and integration with a broad range of security products, making it well suited for deployment into the challenging and diverse operating environments of the U.S. intelligence and defence communities.”
Triangle Peak Partners was joined by all prior investors, including GGV Capital, Lux Capital, Energize Ventures, Planven Investments SA, and Activate Capital.