January 10, 2018
Invenergy Future Fund Leads $15 Million Investment in Industrial Cybersecurity Leader Nozomi Networks
CHICAGO (January 10, 2018) – The Invenergy Future Fund today announced it has led a $15 million Series B funding round in Nozomi Networks Inc., the leader in real-time cybersecurity and operational visibility for industrial control systems (ICS). The Invenergy Future Fund led the round with participation from THI Investments and all of Nozomi Networks’ existing investors, GGV Capital, Lux Capital and Planven Investments SA.
This is the Invenergy Future Fund’s first investment in a cybersecurity company. Led by an executive team of highly respected veterans in industrial control cybersecurity and automation technologies, Nozomi Networks is an industry pioneer, with deep knowledge of the complexities of ICS networks, continuous innovation, and expertise in artificial intelligence that can be applied to energy and other sectors.
“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.”
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. Markets 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.
“Now is a prudent time for funding to meet this exploding market opportunity,” said Nozomi Networks CEO, Edgard Capdevielle. “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.”
Cybersecurity is one of five transformational verticals within energy and industrials that the Invenergy Future Fund focuses on, along with distributed energy resources, operational efficiency, and energy storage.
Read more on the Invenergy Future Fund Insights Blog.
About the Invenergy Future Fund
Invenergy Future Fund is a venture capital fund that seeks investments in early and growth stage technology companies to make energy more affordable, reliable, and secure. The firm is focused on partnering with innovators bringing technology to the digital application layer of energy. Invenergy, North America’s largest independent, privately-held renewable power producer, is a member of the General Partner and an anchor investor in the fund. For more information, please visit www.invenergyfuturefund.com.
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