SAN FRANCISCO, CA, Nozomi Networks, the leader in real-time cybersecurity and operational visibility for industrial control systems (ICS) announced it has raised $15 million in Series B financing.
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The Invenergy Future Fund led the round with participation from THI Investments and all existing investors, GGV Capital, Lux Capital and Planven Investments SA. This latest round brings Nozomi Networks' total funding to date to $23.8 million.
"Nozomi Networks' superior technology and team have made them the market leader in securing energy and other critical infrastructure industries from escalating cyber threats," said Michael Polsky, Founder & CEO of Invenergy and Chair of the Invenergy Future Fund investment committee. "The Invenergy Future Fund invests in companies and people that are defining the future of energy. We are proud to accelerate Nozomi Networks efforts to ensure that the future of energy is secure."
In 2017 Nozomi Networks experienced strong market demand (see Nozomi Networks Takes the Lead). The company beat its revenue expectations, rapidly gaining new customers across 5 continents. More than 200 Nozomi Networks deployments span energy, manufacturing, pharmaceuticals, chemicals, mining, utilities and other sectors. Led by an executive team of highly respected veterans in industrial control cybersecurity and automation technologies, Nozomi Networks quadrupled its field staff and strengthened its partner program. When most others in the market are only starting to develop solutions, Nozomi Networks is delivering the industry's only third generation of technology. Deep knowledge of the complexities of ICS networks, continuous innovation and expertise in artificial intelligence have made Nozomi Networks SCADAguardian the most comprehensive, scalable, and mature product in its category.
"Now is a prudent time for funding to meet this exploding market opportunity," said Nozomi Networks CEO Edgard Capdevielle. "We resisted the temptation of raising too much funding before our product leadership was established. The Invenergy Future Fund is the ideal partner to complement the strengths of our existing investors and board. With additional resources, Nozomi Networks will convert our early market lead into a major force, securing critical infrastructure around the globe."
Nozomi Networks will use the funding to fuel worldwide expansion of marketing, sales and support and further bolster product innovation at a time when the ICS cybersecurity market shows clear signs of unprecedented growth. Market and Markets research predicts the ICS cybersecurity market will grow to 13.88 Billion by 2022. Forty-six percent of respondents in the annual SANS ICS survey indicated security budgets are growing and more than half of the companies surveyed in the 2017 State of Industrial Cybersecurity report say they've experienced an ICS security incident in the past 12 months.
"FireEye's recent discovery of Triton malware in the wild highlights how critical infrastructure facilities are increasingly at risk. After extensive testing, we've partnered with Nozomi Networks because they provide the right solution customers need to detect these attacks at the earliest stages and minimize the impact before the safety and reliability of their critical operations is threatened."
Grady Summers, CTO, FireEye
"Nozomi Networks provides industrial anomaly and breach detection solutions that continuously monitor the health and integrity of critical control systems. The goal is to provide early warning of problems, whether they are cyberattacks or other system issues, and give responders a chance to minimize the impact. Given the latest surge in cyberattacks such as Triton and Industroyer, that specifically target industrial control systems, it's a wise move for asset operators to consider the latest technologies for monitoring, detecting and preventing damage from such attacks."
Sid Snitkin Vice President, Cybersecurity Services, ARC Advisory Group
About Nozomi Networks
Nozomi Networks is leading Industrial Control System (ICS) cybersecurity with the most comprehensive platform to deliver real-time cybersecurity and operational visibility. Since 2013 the company has innovated the use of machine learning and artificial intelligence to secure critical infrastructure operations. Deployed across five continents, in hundreds of the world's largest industrial installations, customers benefit from advanced cybersecurity, improved operational reliability and easy IT/OT integration. Amid escalating threats targeting ICS, Nozomi Networks delivers one solution with real-time ICS monitoring, hybrid threat detection, industrial network visualization, asset inventory, and vulnerability assessment. Nozomi Networks is headquartered in San Francisco, California