Reinforcing the IoT and OT Security Space: Nozomi Networks Secures $100M Investment, Supported by Huge Investors


Let me say this, right out the gate: This IoT coverage ends on a high note, readers. (As evident by this article’s title.) However, it begins on a rather unfortunate one; a stark, can’t-ignore reality:

Criminal and nation-state cyber threats to industrial and critical infrastructure are on the rise.

According to recent reports, the world’s critical infrastructure – operational technologies (OT) and machines connected through Internet of Things (IoT) developments; power, communications, medical, manufacturing, transportation and more – it’s all been under “near-constant attack,” per Security Today and Vedere Research Labs, the cybersecurity research arm of Forescout Technologies. More than 420 million attacks were recorded in 2023, which is roughly 13 attacks per second.

And that’s a 30% increase from 2022, no less.

However, the aforementioned still stands – there’s good news that wraps on a hopeful note here, and it’s courtesy of Nozomi Networks.

Last week, Nozomi Networks announced the success of its $100 million Series E funding round, led by investments from Mitsubishi Electric and Schneider Electric.

As Nozomi Networks President and CEO Edgard Capdevielle explained, this funding will directly support the acceleration of innovative cyber defenses and the expansion of cost-efficient go-to-market solutions.

"As we meet with customers around the world,” Capdevielle stated, “the reality is that they operate highly heterogeneous environments and are looking for a security platform that can effectively defend those environments. That is why this investment clearly underscores the need and support for OEM-agnostic security solutions in light of today's escalating attacks against critical infrastructure.”

The investment further underscores demand for dedicated cybersecurity for OT and IoT advancements because – due to security consolidations in these spaces – there are new needs for full-featured solutions that aren’t limited by single-vendor support. Rather, as Capdevielle alluded to, being able to “holistically address the cybersecurity requirements of industrial and critical infrastructure-focused organizations and complex, multi-vendor environments” is a box that industries must check before bad actors gain the advantage.

Unsurprisingly, the leadership at Mitsubishi Electric and Schneider Electric agree:

“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.”

Additional research is accessible here.

Edited by Greg Tavarez
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