The OT and IoT security company plans to use the funding to expand its product development efforts as well as its go-to-market approach globally

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Nozomi Networks will utilise the funding to speed up its growth phase. (Credit: Darwin Laganzon/Pixabay)

Industrial cybersecurity startup Nozomi Networks has raised $100m in pre-initial public offering (IPO) funding from its customers and technology partners.

The Series D funding round, which is led by growth investor Triangle Peak Partners, saw participation from Nozomi Networks’ commercial partners, which include Honeywell Ventures, Keysight Technologies and Telefonica Ventures.

The operational technology (OT) and internet of things (IoT) security provider plans to use the proceeds to speed up its growth phase and strengthen its market position.

The company’s customers such as Dubai Electricity and Water Authority’s Forward Investments have also made investments in the latest funding round.

Nozomi Networks president and CEO Edgard Capdevielle said: “As we began the fund-raising process, many of the largest ecosystem partners in the world along with our customers recognised Nozomi Networks as the industry leader and requested the opportunity to invest in the company.

“It’s the ultimate endorsement when not only a prestigious firm such as Triangle Peak Partners leads the investment, but customers and partners embrace Nozomi Networks and further validate our market leadership.”

The funding raised in the pre-IPO round will be used to scale its product development efforts and as its go-to-market approach globally.

The company will mainly focus on expanding sales, marketing and partner enablement efforts and enhancing its products that will provide solutions to emerging challenges in both OT and IoT visibility and security markets.

By providing solutions for network and asset visibility, threat detection, and insights for OT and IoT environments, the company enables industrial and government organisations to protect against cyber threats.

In May this year, Nozomi Networks announced a technology integration with ServiceNow to help manufacturers maximise productivity, reduce waste and improve profitability.

The company has also announced a partnership with ABB in March to jointly address the demand for improved OT cybersecurity solutions for energy, process and hybrid industries.