Cybersecurity Firm Nozomi Networks Raises $30M
September 26, 2018
Nozomi Networks has secured $30 million in Series C funding.
The San Francisco, Calif.-based touts itself as an industrial security giant, securing more than 300,000 industrial devices over a range of industries, like manufacturing, energy, and mining, with hundreds of hydroelectric and gas distribution facilities on its roster.
It’s the second round of funding this year, following a $15 million round in January, putting the company’s valuation at about $150 million.
The company said the $30 million — led by Planven Investments, GGV Capital, Lux Capital, Energize Ventures and THI Investments — will put it in a better position to sell its services and enter new markets.
“We want to continue to invest in the product and R&D, but because we’re doing so well what we want to focus the investments on awareness, sales, reach and technical support so that we can reach more customers and sell more products so that our technology can reach a lot more people,” Nozomi’s chief executive Edgard Capdevielle told TechCrunch in a call.
This year alone, the company has expanded its global footprint in an effort to tap into major economic markets, like Canada, the UK and Germany.
The funding can’t come at a more critical time for the company. Industrial control systems (ICS) run and automate all kinds of critical infrastructure, like power grids and transportation, but the threat to ICS systems has become greater in recent years as more systems have been hooked up to the internet — even if the number of confirmed attacks have been low.
Nozomi, like a handful of other companies in the industrial control system security space, work to secure ICS devices by detecting threats before they hit. The company’s main focus is on passive detection of threats and anomalies which combines behavior-based and signature-based approaches, but also offers an active detection offering which allows operators to detect and monitor specific threats.
Capdevielle said its new funding puts it in a better place than ever to respond to what he sees as a growing need for ICS security.