Israeli network software company DriveNets today announced that it has completed a $ 208 million Series B financing round in a valuation of more than $ 1 billion. The round was led by the new investor D1 Capital Partners with significant subsequent investments from Bessemer Venture Partners and Pitango, as well as the new investor Atreides Management.
Ra’anana-based DriveNets will use the investment to continue offering service providers a radical new way to build their networks with greater capacity and scale at a much lower cost. DriveNets Network Cloud is already deployed as the central routing solution from AT&T, one of the largest networks in the world, demonstrating the scale and efficiency of a fully virtualized and unbundled network. The funding will also allow DriveNets to expand to new countries, responding to the increased demand for more connectivity and infrastructure that can be easily scaled in a native way to the cloud.
DriveNets Network Cloud offers unique support for complete virtualization of network and computing resources, allowing communication and cloud service providers to meet growing service demands much more efficiently than today’s monolithic routers.
The company was founded in 2016 by telecommunications entrepreneurs Ido Susan and Hillel Kobrinsky.
Susan said: “Disaggregating network architecture, as DriveNets did at AT&T, demonstrates that DriveNets Network Cloud is changing the scale and economy of the world’s most sophisticated networks. We are excited about the opportunities that the future holds and we have plans to disrupt more areas of the market. Our goal is to expand our product offerings and reach to more leading operators and cloud providers. “
Published by Globes, Israel business news – en.globes.co.il – on January 27, 2021
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