As per recent news, cyber security and technology provider firm Nozomi Network Inc. has managed to raise a total of $15 mn from a prominent funding agency. This funding was mainly raised in order to prevent potential threats caused to industrial operations, and safeguard the industrial companies’ confidential data.
Need to Tighten Defense Mechanisms for Industrial Firms
An investment fund based company called Invenergy Future Fund which is linked to the largest US wind energy developer Invenergy LLC was behind the entire scenario of raising funds for Nozomi Network Inc. According to reports, the funding for improving cyber security protection in power plants, energy development firms, and other industrial organizations is a sign of a growing interest towards the need for better cyber security.
With the addition of $15 mn received from Invenergy Future Fund, the Series B round has brought the total funding accumulated by Nozomi Network Inc. to $23.8 mn. As per reports, such an extensive funding is expected to boost the growth of the global cyber security services market up to $23.8 bn until 2022, thus causing the market to expand on a significantly large scale.
According to Nozomi CEO Edgard Capdevielle, there is at least one cyber security attack on an industrial firm or an industrial organization situated anywhere in the world. Nozomi Inc., which is based in San Francisco, mainly detects and blocks cyber-attacks made on systems and servers. The firm targets providing security against attacks mainly to those systems that control operations such as utilities, natural gas, and oil manufacturers, as well as other energy producers.
As per the CEO of Invenergy Fund Michael Polsky, the wind-development based firm from Chicago chose to fund Nozomi to secure the use of energy through various sources. Invenergy mainly funds companies who have interests that lie in developing advanced energy technologies and associated innovations.
This funding comes as one of the most significant trailing decisions to improve cyber-security provided to organizations operating in the energy development sector, after a Stuxnet computer worm’s attack on Iran’s nuclear program in 2010.