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OT Security Firm Nozomi Networks Raises $100 Million

Nozomi Networks, a provider of operational technology (OT) and internet of things (IoT) cybersecurity solutions, said Monday that it has raised $100 million in a Series D pre-IPO-funding round.

Led by Triangle Peak Partners, the funding round also had participation from notable firms including Honeywell Ventures, CIA-linked In-Q-Tel, Keysight Technologies, Porsche Ventures Dubai Electricity, Telefónica Ventures, and others.

To date the company has raised $154 million, with the previous round being $30 million in September 2019.

Nozomi Networks at SecurityWeek's ICS Cyber Security Conference

Nozomi told SecurityWeek there is not a fixed timeframe for an IPO, and that the funding, combined with customer revenue gives, them the “optionality to IPO.”

Nozomi says the funding will be used to help scale product development efforts and grow its sales, marketing and partner efforts. 

The industrial cybersecurity firm says it has come off a record year of growth in 2020 with 110% increase in annual recurring revenue and 2x expansion of its customer base.

The company’s plans to build a Cyber Center of Excellence with Lockheed Martin moved forward in June when the Swiss Federal Council selected Lockheed Martin’s F-35 from its New Fighter Aircraft competition.

Triangle Peak Partners was joined by all prior investors, including GGV Capital, Lux Capital, Energize Ventures, Planven Entrepreneur Ventures, and Activate Capital.

Nozomi’s funding is the latest in a series of massive fundings in the industrial cybersecurity space, including a $110 million Series C round raised by Dragos in late 2020 and a $140 million Series D round raised by Claroty in June 2021.

Related: Nozomi Networks Becomes CVE Numbering Authority

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For more than 10 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.