The company has raised its worth more than 1 billion now. Series B funding has become the next big achievement for ‘Drivenet’ A network software company
Let’s dig into the detail of Series B funding of $208M
The networking software provider DriveNets revealed that it has raised $208 million in a Series B fundraising round, valuing the company at over $1 billion. The funding will be used by the business to continue to provide service providers and hyperscalers with a completely new method of constructing networks with greater capacity and scale at a far reduced cost as per drivenets 208M series bessemerlundentechcrunch.
One of the biggest networks in the world, AT&T, is already using DriveNets Network Cloud as its primary routing solution, proving the size and effectiveness of a fully virtualized, disaggregated network. DriveNets will be able to respond to the spike in demand for more connectivity and infrastructure that can be quickly expanded in a cloud-native way by expanding to new geographies with the help of the funds.
D1 Capital Partners, a new investor, took the lead in the round, and Pitango and Bessemer Venture Partners, two previous investors, also made significant follow-on investments in Drivenet series 1 Billion. Atreides Management, a new investor, also took part in the round.
Subsequently, Communication service providers and cloud providers can now more effectively meet rising service demands thanks to DriveNets Network Cloud’s ability to completely virtualize networks and compute resources. Monolithic routers of today make this impossible. By incorporating more white boxes into actual network clusters, DriveNets’ software, which operates on ordinary white box hardware, can quickly grow network capacity.
In addition, the physical infrastructure can function as a shared resource that supports numerous networks and services thanks to this special disaggregated network paradigm. It increases network profitability by separating network expansion from cost.
Disaggregating the network architecture, as DriveNets did at AT&T, shows how DriveNets Network Cloud is altering the scale and economics of the most complex networks in the world. “They have ambitions to disrupt more markets in the future and are thrilled about the prospects the future holds for them. Their objective is to increase the number of top operators and cloud providers we work with and the range of products they offer.”
Furthermore, Dan Sundheim, the founder of D1 Capital Partners, said, “they anticipate that DriveNets will keep releasing transformational products and position itself as a dominant Infrastructure-as-a-Service vendor.” DriveNets has the ability to fundamentally alter the architecture of this sector, which excites them.
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Drivenet and its founder members.
Ido Susan and Hillel Kobrinsky, two successful telecom entrepreneurs, founded DriveNets in 2016 with the goal of enhancing network economics, accelerating network growth, and facilitating the introduction of innovative services at the network edge. DriveNets’ use of industry-standard white boxes based on commercial silicon allows for the entry of new businesses and services into the formerly closed networking sector. The cost per bit has decreased because of this strategy, which has also increased network profitability. Thanks to the distinctive network design, which also enables quicker service innovation, a single physical network edge may serve numerous service payloads, including ones that are latency-sensitive.
Wrapping things up
A rapidly expanding software startup called DriveNets creates networks that resemble clouds. It offers an entirely new method of network development, decoupling network cost from network growth, and increasing network profitability for cloud and communications service providers.
The most popular open disaggregated networking solution is DriveNets Network Cloud, which is built on cloud-native software running on standard white boxes.
FAQ About Drivenets:
Ido Susan and Hillel Kobrinsky
Drivenet was established in the year 2016
Ido Susan is the CEO of Drivenet.
Drivenet has raised $208 Million in funding for the series B round.
The Company has heightened its value to more than $1 billion after raising a Series B fund