GGV Capital and Lux Capital co-led funding and expanded management team to fuel Nozomi’s global market expansion with next-generation ICS security solution.
MENLO PARK, Calif., October 24, 2016 – Nozomi Networks, the pioneer in cybersecurity and operational visibility for industrial control systems (ICS), today announced it has completed a $7.5 million Series A round of financing. GGV Capital and Lux Capital co-led the investment round with participation from existing investor Planven Investments SA. Glenn Solomon, Managing Partner at GGV Capital, and Bilal Zuberi, Partner at Lux Capital, will join the board of directors as part of the financing.
The growing threat of cyberattacks on critical infrastructure is bringing industrial cybersecurity to the forefront. Industrial networks are exposed to advanced adversaries as evidenced in the well documented Stuxnet attack perpetrated around 2010, to the last year’s BlackEnergy attacks against the Ukrainian power grid. As an early leader, Nozomi Networks developed solutions designed to work with the unique security and monitoring requirements of industrial control systems (ICS). Today, Nozomi Networks products monitor more than 50,000 industrial devices in dozens of multinational customer sites spanning oil & gas, electric utilities, manufacturing and transportation.
Founder and Chief Product Officer Andrea Carcano and CTO Moreno Carullo, experts in industrial network security, artificial intelligence and machine learning, established Nozomi Networks in 2013. Today, they are also announcing that Edgard Capdevielle joins Nozomi Networks as the newly appointed CEO to lead Nozomi into its next stage of growth. Capdevielle brings an extensive background in successfully managing development and market expansion for startups and established technology companies in Security, Data Center and Cloud Storage, including Imperva, EMC, Data Domain, and others.
With this funding, the company is establishing corporate headquarters in the United States, in addition to Switzerland, to effectively address growing market demands worldwide
“The Industrial Internet has shed light on a serious gap in cybersecurity for critical infrastructure,” said Glenn Solomon, Managing Partner at GGV Capital and new board member of Nozomi Networks. “As part of GGV’s longtime focus on cyber security, we’ve been studying the evolving risks around critical infrastructure and believe there is a tremendous opportunity for a specialized security company built from the ground up to address these environments. Nozomi Networks not only has a proven product delivering value to production customers today, but also has assembled the right management team to dominate the space.”
“As investors in global industries ranging from satellites in space to autonomous cars, nuclear waste management and advanced chemicals production, we believe Nozomi Networks provides tremendous advantages in industrial operations while simultaneously securing the network from cyberattacks,” said Bilal Zuberi, Partner at Lux Capital and new board member of Nozomi Networks. “We are proud to be investors in Nozomi.”
“This is an exciting time for Nozomi,” Andrea Carcano said. “We are thrilled to have GGV and Lux backing our market expansion and product growth; and honored to have Edgard join the Nozomi Networks team. Edgard’s strong management experience and keen understanding of our market and vision make him a perfect fit.”
“I continue to be amazed by the breakthroughs Andrea, Moreno, and the exceptional team of engineers have made in such a short period of time,” said Edgard Capdevielle. “With a unique process-centric approach, and by working closely with Nozomi’s customers, they are bringing a much needed and exciting new approach to ICS Security. I am excited to join the team and this next chapter of growth.
Read more about Nozomi Networks’ funding news in this blog post from GGV Capital Managing Partner Glenn Solomon.
In a separate release today Nozomi Networks also announced the latest release of its industry-proven SCADAguardian ICS cybersecurity product. Read the full release here.
About Nozomi Networks
Nozomi Networks is revolutionizing Industrial Control System (ICS) cybersecurity with the most comprehensive platform to deliver real-time cybersecurity and operational visibility. Since 2013 the company has innovated the use of machine learning and artificial intelligence to meet the unique challenges of critical infrastructure operations. Nozomi Networks delivers both cybersecurity and process anomaly detection along with industrial network visualization and monitoring, asset inventory, and vulnerability assessment. Deployed in the world’s largest industrial installations, customers benefit from enhanced cybersecurity and improved operational reliability with one end-to-end solution. Nozomi Networks is headquartered in San Francisco, California.
About GGV Capital
GGV Capital is a venture capital firm founded in 2000 with the unique idea to have one team investing in both the U.S. and China. With $3.8 billion under management across 8 funds, the GGV portfolio includes Airbnb, Alibaba, AlienVault, BitSight Technologies, Ctrip, Didi Chuxing, Domo, Grab, Hashicorp, Houzz, Nimble Storage, Opendoor, Pandora Media, Percolate, Slack, Square, Synack, Wish, Youku Tudou, YY, Zendesk, 51credit and more. For more information: www.ggvc.com | Twitter: @GGVCapital | WeChat: GGVCapital.
About Lux Capital
Lux Capital is a venture firm based in New York City and Silicon Valley investing in counter-conventional, seed and early stage science and technology ventures. The firm manages $700 million in assets across four funds. For more information, please see www.luxcapital.com. Follow Lux on Twitter @Lux_Capital
About Planven Investments
Planven Investments, based in Lugano (Switzerland), and the family office of Mr. Carlo De Benedetti, invests globally in innovative and high growth companies providing capital and resources to support their business expansion.
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