Israel-based leading company in cloud-native networking solutions, DriveNets, raised USD 262 million in the latest funding. The Series C round took place on August 17, 2022. D2 Investments led the financing for the firm. Meanwhile, existing investors Bessemer Venture Partners, Pitango, D1 Capital, Atreides Management, and Harel Insurance Investments & Financial Services, participated in the round.
The company’s valuation has soared substantially since its last funding round. The firm earlier raised funds in the Series B round in January 2021.
Purpose of funding for DriveNets
With the recent funding, the company intends to focus on developing future technology solutions. It also seeks to pursue new business opportunities.
Meanwhile, DriveNets aims to expand the company’s global operations. Besides, it has plans to support teams to support growing customer demand.
Since its last fundraise, the company has grown its overall employee base by 30 per cent. Moreover, it has significantly expanded its operations, deployment teams, and global reach.
What the co-founder has to say
Ido Susan, DriveNets founder and CEO, said, “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. 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.”
What the investors have to say
Adam Fisher, Partner at Bessemer Venture Partners, said, “DriveNets has demonstrated its ability to move the networking industry forward and has gained the trust of tier-1 operators. 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.”
In addition, Aaron Mankovski, Managing Partner at Pitango, said, “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. This investment will allow DriveNets to expand its footprint in the market and develop additional offerings.”
About the company
Hillel Kobrinsky and Ido Susan launched the company in 2015. The firm is a leader in cloud-native networking software and network disaggregation solutions. DriveNets has secured 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.
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