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Nozomi raises $100M to protect infrastructure

Illustration of a wireframe futuristic landscape with large power lines, surrounded by abstract circles and radical colors

Illustration: Allie Carl/Axios

Cybersecurity company Nozomi Networks raised a $100 million Series E round.

Why it matters: There are growing cybersecurity threats on energy infrastructure from electricity grids to oil and gas systems.

Between the lines: The late-stage funding by the 10-year-old San Francisco-based company highlights startups opting for private rounds as the public markets remain challenging.

  • Nozomi says it's done over 12,000 installations of its cybersecurity systems, which seek to protect infrastructure from criminal and nation-state cyber threats.

Strategic investors Mitsubishi Electric and Schneider Electric participated in this round.

  • Previous strategic investors include Honeywell, Johnson Controls, Samsung, Porsche Ventures, and Telefónica Ventures.

The big picture: The energy sector is the target of most infrastructure-focused cybersecurity attacks.

  • The majority of these attacks are state-affiliated. FBI Director Christopher Wray said recently that threats from China on U.S. infrastructure are at an unprecedented scale.
  • The cybersecurity industry is filled with large players like CrowdStrike and Siemens, but there's also a ton of startups that specialize in specific pain points or sectors.
  • Nozomi CEO Edgard Capdevielle told the Wall Street Journal that the company still has ambitions for an IPO.
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