IoT Security Company Nozomi Secures $100M Series E Funding

Nozomi Networks Secures $100 Million Investment to Accelerate Mission to Defend the World’s Critical Infrastructure from Cyber Threats

Latest round includes investments from Mitsubishi Electric and Schneider Electric; spotlights demand for an OT/IoT security platform that supports heterogeneous operating environments

AUCKLAND, March 14, 2024 – Nozomi Networks Inc., the worldwide leader in OT and IoT security, today announced a US$100 million Series E funding round to help accelerate innovative cyber defences and expand cost-efficient go-to-market expansion globally. This latest round includes investments from Mitsubishi Electric, a global leader in digital manufacturing, electronics and electrical equipment and Schneider Electric, a global leader in digital automation and energy management. They join a growing list of OT original equipment manufacturers (OEMs) who have invested in Nozomi Networks, including previous investors Honeywell and Johnson Controls.

“As we meet with customers around the world, the reality is that they operate highly heterogeneous environments and are looking for a security platform that can effectively defend those environments,” said Edgard Capdevielle, President and CEO of Nozomi Networks. “This investment clearly underscores the need and support for OEM-agnostic security solutions in light of today’s escalating attacks against critical infrastructure around the world.”

The company will use this latest investment to help scale product development efforts as well as its go-to-market approach globally. With criminal and nation-state cyber threats to industrial and critical infrastructure on the rise, the need for Nozomi Networks solutions has never been greater. At the same time, recent consolidation in the OT and IoT security space is driving a new need for full-featured solutions that aren’t limited to single-vendor support, but rather are able to holistically address the cybersecurity requirements of the vast majority of industrial and critical infrastructure organisations who must protect complex, multi-vendor environments.

“With the increasing risk of cyber threats facing critical infrastructure owners everywhere, now is not the time to compromise on cybersecurity,” said Barbara Frei-Spreiter, Executive Vice President of Industrial Automation, Schneider Electric. “As a partner of Nozomi Networks, we have collaborated over the years to provide customers with cybersecurity solutions and services that help them to control, prevent and mitigate risks to their operations. This investment speaks to ensuring the market has access to robust cybersecurity solutions that can scale without compromise across heterogeneous industrial and critical infrastructure environments and reinforces the importance of interoperability across systems and vendors.”

“There’s never been a more important time to invest in critical infrastructure cybersecurity, and Nozomi Networks stands out globally as a leading supplier in that segment,” said Satoshi Takeda, Chief Digital Officer, Mitsubishi Electric. “Nozomi Networks’ unique R&D model and ability to innovate and scale quickly sets them apart. Customers and partners all rely on Nozomi Networks’ expertise and constantly advancing technology to secure the industrial infrastructure that runs the world.”

Nozomi Networks customers benefit from the company’s broad industry support from the OT and IoT OEM community, with existing partnerships with ABB, Emerson, GE Vernova (formerly GE Power and GE Renewable Energy), Hitachi Energy, Honeywell, Johnson Controls, Mitsubishi Electric, Mitsubishi Heavy Industries, Schneider Electric, Siemens, and Yokogawa. These partnerships enable Nozomi Networks to provide superior support for customers’ heterogeneous operating environments.

This round is the latest in a series of milestones for the company, including:

• A decade of innovation in OT and IoT cybersecurity – including the recent launch of the industry’s first multi-spectrum wireless security sensor
• More than 105 million OT, IoT and IT devices protected worldwide
• 12,000+ installations spanning six continents
• 5x organic growth in ARR since launching its flagship Vantage product in 2021
• More than 2,000 Certified Nozomi Networks Engineers worldwide

Mitsubishi Electric and Schneider Electric join a distinguished list of Nozomi Networks investors, including prior investors Activate Capital, Energize Capital, Forward Investments, GGV Capital U.S., Honeywell Ventures, In-Q-Tel, Johnson Controls, Keysight Technologies, Lux Capital, Planven Investments SA, Samsung, Porsche Ventures, Telefónica Ventures, and Triangle Peak Partners.

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