DriveNets Secures $262 Million in Series C Funding to Continue Disrupting the Telecommunications and Cloud Infrastructure Industry
RA'ANANA, Israel, Aug. 17, 2022 /PRNewswire/ -- DriveNets, a leader in cloud-native networking solutions, today announced it has secured $262 million in a Series C venture capital funding round, considerably increasing the company's valuation over its January 2021 Series B round. The funding from this latest round of investment will be used to develop future technology solutions, pursue new business opportunities, and expand the company's global operations and support teams to support growing customer demand.
Investment to expand the company's cloud-native networking portfolio and global operations, changing the way networks are built, operated, and consumed
RA'ANANA, Israel, Aug. 17, 2022 /PRNewswire/ -- DriveNets, a leader in cloud-native networking solutions, today announced it has secured $262 million in a Series C venture capital funding round, considerably increasing the company's valuation over its January 2021 Series B round. The funding from this latest round of investment will be used to develop future technology solutions, pursue new business opportunities, and expand the company's global operations and support teams to support growing customer demand.
The round was led by D2 Investments with the participation of DriveNets' current investors, including Bessemer Venture Partners, Pitango, D1 Capital, Atreides Management, and Harel Insurance Investments & Financial Services.
"DriveNets' approach of building networks like cloud allows telecom providers to take advantage of technological efficiencies available to cloud hyperscalers, such as cloud-native software design and optimal utilization of shared resources across multiple services," said Ido Susan, DriveNets founder and CEO. "This latest round of investment demonstrates our investors' and customers' confidence in us and will enable us to expand the value and global operational support we offer them."
"DriveNets has demonstrated its ability to move the networking industry forward and has gained the trust of tier-1 operators," said Adam Fisher, Partner at Bessemer Venture Partners. "While other solution providers are facing challenging headwinds, DriveNets continues to innovate and execute on its vision to change the future of the networking market."
"DriveNets has already made a big impact in the high-scale networking industry, and its routing solutions are adopted by tier-1 operators for their quality and the innovation they enable," said Aaron Mankovski, Managing Partner at Pitango. "This investment will allow DriveNets to expand its footprint in the market and develop additional offerings."
Strong company performance supports investor confidence
Since its last funding round in 2021, DriveNets has gained significant market traction.
- Growing network traffic running on the DriveNets' Network Cloud solution by 1,000 percent
- Engaging with nearly 100 customers and doubled bookings year over year
- Establishing key strategic partnerships to speed up the deployment of next-generation networks worldwide, including agreements with Itochu Techno-Solutions Corporation (CTC), EPS Global, Wipro Limited, and KGPCo.
- Growing its overall employee base by 30 percent, significantly expanding its operations and deployment teams, and its global reach.
DriveNets also recently announced the addition of three cloud and networking industry veterans to its leadership team.
Learn more about DriveNets here.
About DriveNets
DriveNets is a leader in cloud-native networking software and network disaggregation solutions. Founded in 2015 and based in Israel, DriveNets offers communications service providers (CSPs) and cloud providers a radical new way to build networks, substantially growing their profitability by changing their technological and economic models. DriveNets' solution ā Network Cloud ā adapts the architectural model of cloud to telco-grade networking. Network Cloud is a cloud-native software that runs over a shared physical infrastructure of standard white-boxes, radically simplifying the network's operations, offering telco-scale performance and elasticity at a much lower cost. Learn more atĀ www.drivenets.com
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Crystal Monahan
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SOURCE Drivenets Ltd.
