Written byGreg Otto
Industrial cybersecurity firm Nozomi Networks announced a $15 million Series B funding round Wednesday, positioning itself to be a bigger player in the growing field of companies focused on protecting industrial control systems (ICS).
The Invenergy Future Fund led the round, with participation from THI Investments and all existing investors: GGV Capital, Lux Capital and Planven Investments SA.
The latest round brings Nozomi Networks’ total funding to date to $23.8 million.
Since being founded in 2013, the company has built products focused on machine learning and artificial intelligence that secure companies operating and maintaining critical infrastructure.
The San Francisco-based company’s two products, SCADAGuardian and Central Management Console, provide users with a wide array of security options that can be deployed across multiple levels of ICS infrastructure, including supervisory control and data acquisition (SCADA) systems.
Nozomi claims it has more than 200 customers across five continents, including companies that deal with energy, manufacturing, pharmaceuticals, chemicals and mining.
The funding comes as industrial cybersecurity is among the top worries for cybersecurity experts. In recent months, there has been a significant uptick in cyber events at various industrial and critical infrastructure sites.
Additionally, there has been considerable amount of venture funding that has come into industrial cybersecurity startups in the past year. In April 2017, Houston-based PAS, Inc. raised $40 million in private capital for its own expansion. In August, Fulton, Maryland-based Dragos Inc. raised $10 million in a Series A funding round.
Nozomi says it will use the funding to boost “worldwide expansion of marketing, sales and support and further bolster product innovation.”
“Now is a prudent time for funding to meet this exploding market opportunity,” said Nozomi Networks CEO Edgard Capdevielle in a release. “We resisted the temptation of raising too much funding before our product leadership was established…With additional resources, Nozomi Networks will convert our early market lead into a major force, securing critical infrastructure around the globe.”