Today, we are thrilled to share that Nozomi Networks, the global leader in operational technology (OT), IoT, and cyber-physical systems (CPS) security, has signed an agreement to be acquired by Mitsubishi Electric. The $1 billion deal marks the largest acquisition of an OT/IoT security company to date, the largest cyber acquisition by an industrial OEM company, and the largest disclosed acquisition by Mitsubishi Electric. This is a defining chapter in Nozomi’s journey and an important moment for the future of industrial resiliency.
Energize first led Nozomi’s Series B in 2018 following a deep-dive research initiative into OT cybersecurity. We recognized early on that the energy transition and industrial digitalization would depend on a foundation of secure, resilient infrastructure. Operators across energy, utilities, and critical infrastructure were embracing digitally integrated systems — but with connectivity came rising cyber risk. We searched for the right team to take on this challenge and found Nozomi: a ten-person company led by the “Three Amigos” — Edgard Capdevielle, Andrea Carcano, and Moreno Carullo — whose rare combination of technical excellence and deep domain expertise poised them to meet the opportunity.
Today, Nozomi is a company of over 300 employees and the category leader in OT and IoT security and visibility, trusted by some of the world’s largest industrial organizations from energy to pharmaceuticals to transportation. Its platform delivers real-time asset visibility, advanced anomaly detection, and unified cybersecurity monitoring across thousands of applications, ranging from the 2024 Paris Olympics to major airports to global utilities. Nozomi’s product innovation has been recognized with top accolades from Cyber Defense Magazine, the Forrester Wave, Gartner, Fast Company, Crossfire Media, and many more.
Energize was fortunate to play a role in Nozomi’s growth. Since our first investment, we served on the board, worked shoulder-to-shoulder with management through our EDGE portfolio services team — including close collaboration on financial strategy and operations— and helped expand Nozomi’s reach into the energy and industrial sectors. Our combination of governance, hands-on support, and sector expertise helped build the operational and strategic foundation that accelerated their rise to category leadership.
From the beginning, we believed in pairing deep domain knowledge with world-class execution. The Nozomi team exemplified that principle. They combined pioneering research with a relentless focus on customer success, scaling from early deployments to protecting millions of devices across continents. Along the way, they helped define what modern industrial cybersecurity looks like.
Mitsubishi Electric is an ideal home for Nozomi. With its century of global OT expertise, expansive industrial footprint, and commitment to AI-driven digital transformation, Mitsubishi is uniquely positioned to accelerate Nozomi’s vision and expand its impact. Nozomi will remain an independent entity within Mitsubishi, maintaining its brand, leadership, and customer-first model while gaining the scale and resources to catalyze its innovation.
For us at Energize, this exit is more than a financial milestone and opportunity to return significant capital to our limited partners—it is validation of our conviction that software and security are foundational to the energy transition. It also proves there is robust market appetite for scaled, profitable industrial software companies, with strategics and buyers willing to pay premiums for category leaders.
We want to congratulate Edgard, Andrea, Moreno and the entire Nozomi Networks team. Your work has safeguarded industries, strengthened resilience, and set new standards in OT cybersecurity. While our chapter as investors comes to a close, your impact is only just beginning. Thank you for letting us be a part of this journey with you.
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