Forward Investments Backs Nozomi Networks
DUBAI, United Arab Emirates and SAN FRANCISCO, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Dubai-based Forward Investments today announced it has invested in Nozomi Networks, a global market leader in Operational Technology (OT) and Internet of Things (IoT) security, headquartered in San Francisco, USA. This investment represents the strong relationship forged between the two entities and plays a role in fueling innovation in the delivery of Information Technology (IT), OT and IoT cybersecurity services to enterprises across the public and private sectors in the UAE and broader Middle East and North Africa (MENA) region.
“Our investment in Nozomi Networks showcases our commitment to a global OT security firm that targets utilities. Nozomi Networks helps clients fulfill their vision to deliver digital utilities using autonomous systems for renewable energy, storage, and expansion in artificial intelligence (AI) adoption by providing digital services,” said H.E. Saeed Al Tayer, Chairman of Forward Investments. “Given escalating cyber risks to ICS and control networks, advanced monitoring and threat detection systems play an increasingly critical role. It seems fitting that the pioneering investment for Forward Investments is with Nozomi Networks, itself a pioneer in securing the modernization of critical industrial infrastructure in the region and around the globe.”
Forward Investments is the venture capital and mergers and acquisitions (M&A) arm of Dubai Electricity and Water Authority (DEWA). The investment arm was created to identify, invest and partner with global leading utilities, power and related technology firms. The fund aims to be a strategic capital partner, building long-term relationships with stakeholders and partners and leveraging networks to ensure their success in the local and global markets. The fund invests region agnostically in growth-stage technology firms and is the first of its kind in the region.
“We’re thrilled to partner with Forward Investments and extend IT, OT and IoT cybersecurity services to enterprises across the public and private sectors in UAE and the region,” says Edgard Capdevielle, CEO of Nozomi Networks. “We have worked with DEWA for a long time and look forward to expanding our presence in the region.”
To date, Nozomi Networks’ total funding exceeds $54M with top-tier investors including GGV Capital, Lux Capital, Energize Ventures, Planven Investments and Telefónica.
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