Forward Investments Backs Nozomi Networks

Strategic investment aims to speed innovation and delivery of IT, OT and IoT cybersecurity services to enterprises in the UAE and the MENA region

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.”

Nozomi Networks is recognized for its superior operational visibility, advanced OT and IoT threat detection and strength across deployments. Nozomi Networks’ solutions currently support more than 17 million devices in thousands of installations across energy, manufacturing, mining, transportation, utilities, building automation, smart cities and critical infrastructure. The products are deployable onsite and in the cloud and span IT, OT and IoT to automate inventorying, visualizing and monitoring of industrial control networks through the innovative use of AI.

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.

About Forward Investments
Forward Investments is the first corporate venture capital and mergers and acquisitions (M&A) arm of any utilities-based corporate entity in the Middle East, North Africa and South Asia region. The fund is backed by the government of Dubai and sponsored by Dubai Electricity and Water Authority (DEWA).
Forward Investments is committed to building long-term relationships with stakeholders and partners, leveraging all networks to ensure their success in the local and global market. The fund supports Dubai’s position as a global epicenter of energy- and utilities-based technology and service.

About Nozomi Networks
Nozomi Networks is the leader in OT and IoT security and visibility. We accelerate digital transformation by unifying cybersecurity visibility for the largest critical infrastructure, energy, manufacturing, mining, transportation, building automation and other OT sites around the world. Our innovation and research make it possible to tackle escalating cyber risks through exceptional network visibility, threat detection and operational insight. www.nozominetworks.com

Press Contacts:

Forward Investments
Fareed Ahmed Elhadi
Email: fareed.elhadi@dewa.gov.ae

Nozomi Networks
Jil Backstrom
Email: jil.backstrom@nozominetworks.com
Tel: +1 303 913 1650