It’s never been a more exciting time for us at Nozomi Networks. We continue to exceed our revenue goals. Our customer base is doubling. Demand for our solution is at an all-time high and analysts are recognizing our market leadership.
This week we reached another important milestone on our journey to IPO with the official announcement of our $100 million funding round. While it’s an impressive total, what makes this such an exciting milestone for us at Nozomi Networks is the enthusiastic embrace by organizations who stepped up to participate.
We are pleased to have companies such as Honeywell, Keysight Technologies, Forward Investments, In-Q-Tel, Porsche Ventures and Telefónica Ventures, along with lead investor Triangle Peak Partners and others join this round. Tech giants and leading customers in the markets we serve have embraced Nozomi Networks as THE industry leader and are putting their money behind us. We’re incredibly proud to have such a fantastic lead investor with Triangle Peak Partners, but there’s something about customers and partners wanting to invest in your company that’s even more special.
Why Industry Leading Companies Want to Invest in Nozomi Networks
What is it about Nozomi Networks that led to companies approaching us to invest in what we’re building? For one, our customers have made us the industry leader when it comes to delivering security and visibility for critical infrastructure, OT and IoT environments. Analyst firms such as VDC have recognized us as the leader in terms of market share. Our customer base has more than doubled this past year and we’ve shifted to a primarily subscription model which has grown by more than 110 percent. We have industry-leading products and an incredible business – and our customers and partners are a big part of our success.
We also have the best solution in the market. We know this because our customers and partners tell us so. Look no further than our partner – and now investor, Honeywell, who has tested and deployed other competitive products and yet chose to invest in Nozomi Networks. We were born in OT cybersecurity, and it shows with the growing adoption of our solution.
And while our roots are in OT, digital transformation is accelerating convergence in IT and OT environments. With that comes an increase in device usage, including IoT devices connecting to IT and OT networks. This is where the future lies, and Nozomi Networks is poised to lead that evolving market as well. Our solution is designed for the complexity, nuances and protocols of an OT world that can also support IT’s needs to deliver a single source of visibility and protection. That’s what makes us so appealing to investors. That is why there was so much interest in investing in our future.
We’ve made tremendous progress, and we’re just getting started. Nozomi Networks is in the growth stage of our company’s evolution. As the market leader, we’re focused on accelerating that position and have funding to meet our current and future needs. Our emphasis during the funding process was how best to further our leadership position by partnering with investors that can help us accelerate our growth.
Funding Will Be Used to Accelerate Growth, Scale to Address Market Needs
This latest round of funding will help us scale our go-to-market approach. We are hiring dozens of new sales executives. We’re investing in our partner organizations and increasing marketing efforts. We’re also completely focused and moving full steam ahead on enhancing our products to address new challenges facing enterprises and critical infrastructure.
I couldn’t be prouder of the support we’ve received from the OT and IoT ecosystem of partners and customers. They’ve embraced our vision and are investing in our future success. However, I would be remiss if I didn’t mention Triangle Peak Partners – the team the led this investment round and a firm I have quickly grown to admire and respect. TPP is well known in many circles for its late-stage investments in other market leaders including Ping Identity and Puppet, as well as Fusion IO, Marin Software and other now publicly traded companies. Their desire to be part of the Nozomi Networks investment team is a clear indication of a bright future for the company, our shareholders, our customers and our partners.
We’ve worked hard over the last few years to build something truly special. When you can look at a $100 million investment and, with a straight face, say that’s not even the best part, I think it’s safe to say the sky’s the limit for us – and for a secure future for critical infrastructure.