DriveNets $208M Series B Funding: A Significant Milestone

drivenets 208m series

DriveNets has achieved a significant milestone after series B round funding & brings valuation to $1B. The company accomplished the title of a unicorn.

Drivenets 208M Series Funding

A leader in cloud networking ‘DriveNet’ is stepping ahead with its big accomplishment of a Series B funding round, heightening the company’s valuation at $1B. This huge achievement earned it the title of ‘A Unicorn’.

DriveNet is an Israel-based cloud networking enterprise that provides services to communication services providers and network providers. It offers its customers a new way to build their networks with greater capacity and scale at a very low price. Ido Susan is the founder and CEO of the company.

The company is planning to use the funding for growth of the company by expanding internationally. DriveNet’s solution – ‘Network cloud’ – A cloud-based routing infrastructure that can grow and scale on demand at a low cost. It approaches service provider networks using a hyper-scale cloud method. It runs over the white boxes that can be available directly by the service providers as per lundentechcrunch.

Drivenets provides a shared, cloud-native, white box-based routing and switching infrastructure that scales to unprecedented sizes and can serve any network service.

Who are the Investors in the Series B funding round?

D1 Capital Partners is the lead investor in the DriveNet series B funding round. The total number of investors was 4 including Pitango venture capital, D1 capital partners, Bessemer capital partners, and Atreides management, respectively. and the total numbers of partner investors were 3 including Aaron Mankowski, Daniel Saul Sondheim, and Gavin Baker, respectively.

Why should you choose DriveNet?

DriveNet is a fast-growing software enterprise that builds networks and provides services to the communication service providers and cloud providers in a comprehensive way to build networks that are cost-effective and totally detached from network growth which in turn reduces the complexity and increases the overall profit of the company.

The primary goal of the founding members of DriveNet was to transform the way networks are built and operated. The vision of the founding members was crystal clear about the company. They had a foolproof plan for what they wanted to serve their customers and how they were going to do that.

At first, they thought it should be software-based, as almost everything these days is software based.

Secondly, it must be scalable, because they know that their customers are service providers and they require the best networks, so it must be scalable to attract their customers to choose DriveNet. 

The third one is an open architecture, it must be open because they want to give their customers freedom of choice to choose or select. 

Lastly, the fourth one is to think about simple operations. In short, it is a software-based, scalable, open architecture, and simple operation, this is the basic fundamental of the company on which it works and offers its services.

The company introduces itself as it builds hyper-scale network clouds. Network clouds are the combination of several existing technologies including a white box, network virtualization, and cloud-native software. The reason behind why they wanted to transform the way how networks are built is the service provider’s complexity

Networks are complicated. Why did they start building cloud-based networks?  They analyzed the process of network providers like they have separate networks for each service making it complex to operate and charging huge costs to maintain that level of operation. so to make it simple and easy to operate they decided to do what they wanted to do for their customers.

What is Cloud Networking?

Cloud networking is a sort of IT framework in which some or all of a company’s network power and resources are provided in a public or private cloud platform, managed internally or by a service provider, and accessible only on demand.

To provide the best cloud services the cloud service providers need the best cloud network and service, provider. What does the cloud service provider do? They do provide services based on clouds. Basically, the process enables connectivity between resources.

Why is investing in cloud services beneficial for you?

Scalability – It is cost-effective as you only need to pay for how much you have used with easier and faster solutions for scaling up and down. 

Server storage – The cloud service provider manages and maintains the server which saves your money as well as space.

Data security – It handles your issues and offers you much better security that lets you avoid constantly monitoring and managing security calls.

Data loss – It ensures faster and easier data recovery with its excellence.

Maintenance – if you choose to maintain your data by the cloud service providers, then it will reduce your overall cost.

In Summary,

Leading provider of network software, DriveNets creates networks that resemble clouds. It allows a completely new method for building networks, separating network development from network expense, and boosting network productivity.