Nozomi Networks, a specialist in OT and IoT security, and CDP Venture Capital, Italy’s leading venture capital manager, disclose CDP Venture Capital’s underwriting of more than 10 million euros (equivalent to $11 million) in the $100 million Series E investment round that included Mitsubishi Electric and Schneider Electric, among others.
The CDP Venture Capital deal was signed by the Large Ventures fund, an instrument established in 2022 to support the global growth of innovative companies that are leaders in their target market. The investment will enable Nozomi Networks to accelerate its development in the growing and strategically relevant cybersecurity sector targeting industrial operating environments and critical infrastructure.
The funds will be used to support research and development, commercial, and defense initiatives for critical infrastructure around the world with the goal of protecting it from increasingly complex and frequent cyber attacks.
Nozomi Networks was born in 2013 in Varese from the idea of Andrea Carcano and Moreno Carullo, both PhDs in Computer Science and now chief product officer and chief technology officer of the company, respectively. The company occupies a frontier position in innovation and leads the market with advanced proprietary technologies that leverage artificial intelligence and machine learning.
Headquartered in San Francisco and with a large research and development team largely from Italy, Nozomi Networks has an extensive operational structure with offices in Italy as well as in Australia, Canada, Germany, Japan, Korea, the Netherlands, Saudi Arabia, Singapore, Switzerland, the United Arab Emirates, the United Kingdom, and the United States. The company supports a large number of clients, including many leading companies in their respective industries, who have chosen its services to ensure the security of their IT systems. The company also boasts a research facility (Nozomi Networks Labs) in Mendrisio, Switzerland.
“Nozomi Networks has firm Italian roots, although it now has multiple locations and operates globally to meet the increasingly pressing security needs of businesses,” Andrea Carcano, co-founder and CPO of Nozomi Networks, said in a note. The partnership with CDP Venture Capital is particularly important to us because it clearly underscores the interest and support from large institutional investors in a company like ours that has always focused on innovation. Through our OT and IoT cybersecurity solutions, we can further contribute to the growth of companies and organizations that play a critical role within our country system.”
“We are proud to announce the agreement reached with Nozomi Networks, a technological and entrepreneurial success story. This is exactly what we mean when we talk about investing in the new venture,” comments Agostino Scornajenchi, managing director and general manager of CDP Venture Capital, A story born in Italy from the experience and vision of two IT experts who developed a high-tech cybersecurity platform capable of giving Nozomi Networks category-leading status in a highly sophisticated industry with fierce international competition. After years of strong growth in Silicon Valley, Nozomi Networks wanted to focus on Europe to consolidate its technological role. A goal in tune with CDP Venture Capital’s commitment to creating an environment conducive to the growth and affirmation of Italian startups by providing resources and expertise to our country’s young talent.”
Nozomi Networks offers advanced solutions to protect operational technology (OT) and the Internet of Things (IoT), which includes devices, systems, hardware equipment and software applications that have direct control over the operation of physical devices in industrial systems. In many cases, these systems can manage motors, valves, actuators, robots, or other automation mechanisms and devices in real time. Given the pervasive presence of these systems in every production environment, and their increasing convergence with the IT world, the risk of cyber-physical attacks that can exploit their vulnerabilities is becoming increasingly high.
Nozomi Networks addresses this growing need for protection with solutions that uniquely combine network and endpoint visibility, threat detection, and AI-based analytics for fast and effective incident response to ensure business and operational continuity.
Nozomi Networks’ customers also benefit from the company’s extensive support from the OT and IoT OEM community, with partnerships in place with ABB, Emerson, GE Vernova (formerly GE Power and GE Renewable Energy), Hitachi Energy, Honeywell, Johnson Controls, Mitsubishi Electric, Mitsubishi Heavy Industries, Schneider Electric, Siemens, and Yokogawa, enabling the company to provide top-level support for customers’ heterogeneous operating environments.
CDP Venture Capital joins Mitsubishi Electric and Schneider Electric in this financing round, joining previous investors Activate Capital, Energize Capital, Forward Investments, Notable Capital, Honeywell Ventures, In-Q-Tel, Johnson Controls, Keysight Technologies, Lux Capital, Planven Investments SA, Samsung, Porsche Ventures, Telefónica Ventures, and Triangle Peak Partners .(Photo by Philipp Katzenberger on Unsplash)
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