Nozomi Networks Acquisition, Valuation, Funding & Investors

Nozomi Networks was acquired by Mitsubishi Electric for $950M in September 2025, a 9.4x multiple on $101M of revenue.

Nozomi Networks acquisition price

$950M

Acquired by Mitsubishi Electric · Sep 2025

Nozomi Networks revenue at acquisition

$101M

Last twelve months · Sep 2025

Nozomi Networks revenue multiple at acquisition

9.4x

EV/Revenue · Sep 2025

Cumulative funding Nozomi Networks raised

$266M

across 6 funding rounds

Nozomi Networks Overview

About Nozomi Networks

Nozomi Networks is a San Francisco and Milan-headquartered cybersecurity provider for operational technology and IoT environments. Founded in 2013, it deploys Guardian sensors for passive network monitoring, Arc agents for endpoint visibility, and Vantage for cloud data aggregation. The platform uses AI-driven Asset Intelligence and Threat Intelligence to detect anomalies in ICS protocols like Modbus and DNP3. Nozomi protects critical infrastructure for clients in energy, utilities, and manufacturing worldwide.


Founded

2013

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$13M (Sep 2018)

Valuation

$470M (Dec 2021)

Nozomi Networks Acquisition

Nozomi Networks was acquired by Mitsubishi Electric for $950M on 9 September 2025.

The acquisition price implies a 9.4x revenue multiple on $101M of revenue.

Before the acquisition Nozomi Networks had raised $266M across 6 funding rounds.

Nozomi Networks, a San Francisco-based global leader in OT, IoT, and cyber-physical systems (CPS) cybersecurity, specializes in AI-powered, cloud-first platforms for securing heterogeneous industrial environments, including network visualization, intrusion detection, and the Arc platform. Mitsubishi Electric Corporation, a Tokyo-based industrial conglomerate with over 100 years of experience in operational technology, factory automation, and social infrastructure, agreed on September 9, 2025, to acquire the remaining 93% of Nozomi Networks it did not own for $883 million in cash, valuing the company near $1 billion and marking Mitsubishi's largest acquisition to date as well as the biggest in OT/IoT cybersecurity. This followed Mitsubishi's 7% stake purchase via Nozomi's $100 million Series E round in March 2024, during which the companies collaborated on integrating Mitsubishi's OT security tools with Nozomi's technology for joint innovation and go-to-market strategies. The strategic rationale centers on accelerating digital transformation and cybersecurity for critical infrastructure amid rising OT/IoT threats in manufacturing and social infrastructure sectors. Post-acquisition, Nozomi operates as a wholly owned subsidiary while retaining its brand, leadership under CEO Edgard Capdevielle, San Francisco headquarters, Mendrisio, Switzerland R&D hub, vendor-neutral approach, personnel, roadmaps, and partnerships with firms like Schneider Electric, Hitachi Cyber, Nvidia, Dispel, and Xona. The deal, advised by EY Strategy and White & Case for Mitsubishi and Barclays and Gunderson Dettmer for Nozomi, received regulatory approvals and closed by January 28, 2026, enabling co-creation of AI-driven solutions to enhance security, efficiency, and resilience without disrupting operations. Nozomi demonstrated strong momentum pre-close, achieving 24% employee growth, ranking among North America's fastest-growing on the 2025 Deloitte Technology Fast 500, and earning a spot on Fast Company's 2025 World's Most Innovative Companies list, alongside 2025 platform enhancements.

Nozomi Networks acquisition details
AcquirerDateTypePriceEV/Revenue
9 Sep 2025Strategic M&A$950M9.4x

Nozomi Networks Valuation

Nozomi Networks is currently valued at $470M, based on its Series A in December 2021.

Nozomi Networks' valuation has grown 3.1x from $150M at its Series B in January 2018 to $470M in December 2021, across 3 priced rounds.

Nozomi Networks valuation by funding round

Revenue multiple
Nozomi Networks valuation by funding round
DateStageValuationRevenue Multiple
Dec 2021Series A$470M-
Sep 2018Series C$150M11.5x
Jan 2018Series B$150M-

Nozomi Networks Revenue

Nozomi Networks' latest recorded revenue is $13M, as of its Series C in September 2018. At a $150M valuation, that implies a 11.5x revenue multiple.

Nozomi Networks revenue by funding round

Nozomi Networks revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Sep 2018$13M$150M11.5xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Nozomi Networks Funding History

Nozomi Networks has raised a total of $266M across 6 funding rounds.

Nozomi Networks' first fundraising round was a $8M Series A in October 2016. The most recent completed round was a $100M Series E in March 2024.

Nozomi Networks funding rounds

Nozomi Networks funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2024Series EHoneywell Ventures; Forward Investments; Johnson Controls; Lux Capital; Samsung Ventures; Keysight; CDP Venture Capital; Energize Capital; Activate Capital Partners; GGV Capital; Porsche Ventures; Mitsubishi Electric$100M-Nozomi Networks, a San Francisco-based leader in operational technology (OT) and Internet of Things (IoT) security, provides platforms to secure industrial devices, factory robots, elevators, and critical infrastructure against cyber threats. The company protects over 105 million OT, IoT, and IT devices across more than 12,000 installations worldwide, with products like the Vantage cloud platform and Guardian Air wireless sensor. On March 13, 2024, Nozomi closed a $100 million Series E funding round, bringing total funding to over $260 million. Investors included new participants Mitsubishi Electric and Schneider Electric, alongside Activate Capital, CDP Venture Capital, Energize Capital, Forward Investments, GGV Capital, Honeywell Ventures, Samsung Ventures, Johnson Controls, Keysight, Lux Capital, Porsche Ventures, and others. The funding aims to accelerate product development, enhance analytical tools for asset management and preventative maintenance, and expand global go-to-market efforts in sectors like electricity, oil and gas, and manufacturing. CEO Edgard Capdevielle noted the company's focus on OEM-agnostic solutions for heterogeneous environments amid rising attacks on critical infrastructure, with preparations for a potential IPO in 18-24 months if market conditions allow. The round follows a $100 million Series D in 2021 led by Triangle Peak Partners. Nozomi operates with about 200 channel partners worldwide, including 40 in North America, and an ecosystem of over 2,000 certified engineers. The investment reflects growing demand for OT security, amid similar raises by competitors like Claroty ($100M) and Dragos ($74M). In a later development, Mitsubishi Electric agreed to acquire Nozomi for about $883 million to $1 billion in 2025, valuing it at approximately 11.8x 2024 revenues of $75 million (2022-2024 CAGR 33%), building on their Series E relationship.
Dec 2021Series A-$14M$470MNozomi Networks, a leader in operational technology (OT) and Internet of Things (IoT) security, announced a $100 million Series D pre-IPO funding round on August 2, 2021, with a post-money valuation of $469.9 million. The round was led by growth investor Triangle Peak Partners and included investments from a diverse ecosystem of strategic partners, equipment manufacturers, and existing investors including GGV Capital, Lux Capital, Honeywell Ventures, Keysight Technologies, Telefónica Ventures, Porsche Ventures, In-Q-Tel, and customer investor Forward Investments (Dubai Electricity and Water Authority). The company demonstrated strong momentum heading into the round, with a record year of growth in 2020, a 110% increase in annual recurring revenue, a 2x expansion of its customer base, and 5,000% growth in the number of devices its solutions monitor. Prior to the August 2021 round, Nozomi had secured $7.5 million in Series A funding in October 2016 led by GGV Capital and Lux Capital. By 2024, the company continued to expand its investor base with a $100 million Series E round that added strategic investments from Mitsubishi Electric and Schneider Electric, reinforcing market validation for its heterogeneous OT/IoT security platform serving critical infrastructure sectors including electricity, oil and gas, and manufacturing.
Aug 2021Series DTriangle Peak Partners (lead); Honeywell Ventures; Forward Investments; Johnson Controls; Keysight; Porsche Ventures; Telefónica Innovation Ventures; IQT$100M-Nozomi Networks, a leader in operational technology (OT) and Internet of Things (IoT) cybersecurity, provides solutions for real-time threat detection, visibility, and risk management in critical infrastructure sectors including energy, manufacturing, transportation, and utilities. The company secured a $100 million pre-IPO Series D funding round on August 2, 2021, led by Triangle Peak Partners, with participation from customers and partners such as Forward Investments (Dubai Electricity and Water Authority), Honeywell Ventures, In-Q-Tel (IQT), Johnson Controls, Keysight Technologies, Porsche Ventures, Telefónica Innovation Ventures, and prior investors including GGV Capital, Lux Capital, Energize Ventures, Planven Entrepreneur Ventures, and Activate Capital. This brought total funding to approximately $152.5 million at the time. The investment aimed to accelerate growth by expanding sales and marketing teams, enhancing go-to-market strategies through partners, and advancing product development to address emerging OT and IoT security challenges. Nozomi Networks reported strong traction prior to the round, including a record 2020 with 110% year-over-year growth in annual recurring revenue, a doubling of its customer base, and 5,000% expansion in monitored devices, reaching nearly 50 million devices across thousands of installations. Entering 2021, the company continued exceeding revenue goals amid rising demand for industrial cybersecurity. Positioned as a market leader against competitors like Dragos and Claroty, Nozomi Networks benefits from strategic investments by ecosystem players, signaling confidence in its scalability and R&D capabilities. The diverse investor base, including tech giants and end-customers, underscores its role in defending critical infrastructure from cyber threats.
Sep 2018Series CEnergize Capital (lead); Lux Capital (lead); Planven Entrepreneur Ventures (lead); THI Investments (lead); Notable Capital$30M$150MNozomi Networks, a San Francisco-based leader in industrial cybersecurity and operational visibility, provides solutions like SCADguardian and Central Management Platform that use AI to monitor ICS networks for threats in sectors including utilities, oil and gas, manufacturing, mining, and critical infrastructure. The company announced a $30 million Series C funding round on September 27, 2018, led by Planven Investments (with Giovanni Canetta Roeder), GGV Capital, Lux Capital, Energize Ventures (formerly Invenergy Future Fund), and THI Investments, bringing total funding to $53.8-$54 million after a $15 million Series B in January 2018. TechCrunch reported this round put the company's valuation at about $150 million. Funds were allocated to accelerate global expansion, R&D, sales, marketing, technical support, and doubling headcount from under 60 to about 120 employees over two years. In 2017, Nozomi significantly exceeded revenue goals and expanded across five continents; 2018 saw explosive growth with new offices in Australia, Brazil, Canada, Germany, UAE, and UK, plus partnerships with IBM, Atos, and Cisco. The company secured over 1,000 installations worldwide, protecting more than 300,000 industrial devices and hundreds of hydroelectric and gas facilities. Investors highlighted Nozomi's rapid customer and partner growth, efficiency in capital use, and positioning in the growing ICS cybersecurity market amid rising threats to internet-connected critical infrastructure. CEO Edgard Capdevielle emphasized scaling product leadership, awareness, and go-to-market amid increasing industrial vulnerabilities, with the funding validating the company's momentum just nine months after the prior round.
Jan 2018Series BEnergize Capital (lead); THI Investments; Lux Capital; Planven Entrepreneur Ventures; Notable Capital$15M$150MNozomi Networks is an industrial cybersecurity provider offering software to prevent cyber attacks on critical infrastructure in sectors like energy, manufacturing, mining, and transportation. The company raised $15 million in a Series B round in January 2018 led by Energize Ventures (then Invenergy Future Fund), with participation from THI Investments, GGV Capital, Lux Capital, and Planven Investments. This round brought total funding to approximately $24 million at the time, with a post-money valuation of about $150 million. The Series B funding supported Nozomi Networks' growth amid rising industrial control system (ICS) cybersecurity needs, as more systems connected to the internet increased vulnerability risks. By mid-2018, following this round, the company had exceeded its annual revenue goals, achieved over 1000 installations protecting more than 300,000 industrial devices, and served hundreds of facilities including 500+ hydro generation sites, 400+ gas distribution substations, and 300+ electrical substations. This traction led to a quick follow-on $30 million Series C round in September 2018 from the same investor group, increasing total funding to $53.8 million. Nozomi Networks used funding proceeds to accelerate research and development, expand globally into markets like Canada, the UK, and Germany, and enhance sales and support to scale its ICS security leadership.
Oct 2016Series ALux Capital (lead); Notable Capital (lead); Planven Entrepreneur Ventures$8M--

Who has invested in Nozomi Networks?

18 investors have backed Nozomi Networks across its funding rounds, including Lux Capital, Notable Capital, Energize Capital, Planven Entrepreneur Ventures, Porsche Ventures and Honeywell Ventures.

Lead investors include Triangle Peak Partners, Energize Capital, Lux Capital, Planven Entrepreneur Ventures, THI Investments and 1 other investor.


Nozomi Networks Investors

Investors in Nozomi Networks by funding rounds participated
InvestorHQRoundsRoleFirst check
Lux CapitalUnited StatesNew York City, NY4LeadOct 2016
Energize CapitalUnited StatesChicago, IL3LeadJan 2018
Planven Entrepreneur VenturesSwitzerlandZurich3LeadOct 2016
Notable CapitalUnited StatesSan Francisco, CA3LeadOct 2016
Honeywell VenturesUnited StatesSan Francisco, CA2ParticipantAug 2021
THI InvestmentsGermanyStuttgart2LeadJan 2018
Forward InvestmentsUAEDubai2ParticipantAug 2021
Johnson ControlsUnited StatesUnited States2ParticipantAug 2021
KeysightUnited StatesSanta Rosa, CA2ParticipantAug 2021
Porsche VenturesGermanyStuttgart2ParticipantAug 2021
Triangle Peak PartnersUnited StatesSan Francisco, CA1LeadAug 2021
Samsung VenturesSouth KoreaSouth Korea1ParticipantMar 2024
CDP Venture CapitalItalyRome1ParticipantMar 2024

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Nozomi Networks Competitors

Nozomi Networks competitors include listed companies like NSFOCUS and Rapid7, and private ones like Qingteng Cloud Security, Sublime Security, Pindrop and Aikido Security.

Public and private companies comparable to Nozomi Networks
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NSFOCUSChinaChinaPublicly listed$379M$37M$955M2.4x
Qingteng Cloud SecurityChinaBeijingPrivate--$938M-
Sublime SecurityUnited StatesWashington, DCPrivate--$926M-
PindropUnited StatesAtlanta, GAPrivate--$977M-
Aikido SecurityBelgiumGhentPrivate$13M-$1B76.9x
Rapid7United StatesUnited StatesPublicly listed$860M$63M$836M1.3x

Nozomi Networks Public Comps

Nozomi Networks is no longer listed, but its public comps include NSFOCUS, BeiJing Certificate, Yubico, Rapid7, Riskified, Asiainfo Security, Mitek Systems, CANCOM, Eastcompeace Tech and Feitian Technologies.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
NSFOCUS$379M$37M2.6x2.4x26.1x25.6x
BeiJing Certificate$125M($12M)6.7x-(70.9x)-
Yubico$226M$19M3.3x3.2x39.7x25.6x
Rapid7$860M$63M1.3x1.3x17.4x6.8x
Riskified$345M($31M)1.8x1.6x(20.3x)19.0x
Asiainfo Security$1.2B($11M)1.2x1.1x(126.2x)339.7x
Mitek Systems$180M$37M4.1x3.7x19.9x11.2x
CANCOM$2B$118M0.4x0.4x6.3x5.7x

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Common questions about Nozomi Networks

When was Nozomi Networks founded?Nozomi Networks was founded in 2013.
Where is Nozomi Networks headquartered?Nozomi Networks is headquartered in San Francisco, CA, United States.
Is Nozomi Networks publicly listed?No, Nozomi Networks was acquired by Mitsubishi Electric in September 2025.
Who acquired Nozomi Networks?Nozomi Networks was acquired by Mitsubishi Electric in September 2025.
How much was Nozomi Networks acquired for?Nozomi Networks was acquired for $950M in September 2025, a 9.4x revenue multiple.
What is Nozomi Networks' valuation?Nozomi Networks was last valued at $470M in its Series A in December 2021.
How much funding has Nozomi Networks raised?Nozomi Networks has raised $266M across 6 funding rounds.
What was Nozomi Networks' last funding round?Nozomi Networks' last funding round was a $100M Series E in March 2024.
Who are Nozomi Networks' investors?Nozomi Networks' investors include Lux Capital, Energize Capital, Planven Entrepreneur Ventures, Notable Capital, Honeywell Ventures, THI Investments, Forward Investments, Johnson Controls, Keysight, Porsche Ventures and 8 others.
What is Nozomi Networks' revenue?Nozomi Networks' latest recorded revenue is $13M (September 2018).
What is Nozomi Networks' revenue multiple?Nozomi Networks' latest valuation implies a 11.5x revenue multiple ($150M valuation on $13M of revenue).
Which companies are comparable to Nozomi Networks?Companies comparable to Nozomi Networks include NSFOCUS, Qingteng Cloud Security, Sublime Security, Pindrop, Aikido Security and Rapid7.

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