Drivenets 208m Series
Software-based router solution provider DriveNets has closed $208M in its series B round funding. The company Drivenets is valued at over $1B after this investment. Drivenets company plans to expand its business internationally and work at a much larger scale post this staggering investment.
The series B funding was led by D1 capital partners. Interestingly, previous investors also made huge profits after their investments in the prior series. In the latest round, DriveNets gained more than double what they gained in their previous round in 2019.
D1 has taken an active interest in companies that have grown leaps and bounds after the pandemic. It includes mostly e-commerce companies such as Instacart, Warby Parker, fintech TransferWise, Unity, and others.
D1 rarely showed interest outside e-commerce, however recent post-pandemic spike in internet users made D1 take such a step. The internet has grown by more than 50% every year even before the pandemic began and this number has only increased after the pandemic.
Drivenets’ product is not only reasonably priced, but also efficient. They expand their domain using cutting-edge cloud networking options. However, firms typically combine hardware and software to create white boxes, such as Cisco.
The solution provided by DriveNets is unique, affordable, and easy. With DriveNet, it allows more flexibility and makes it easy to remove and add white boxes as needed. After the Pandemic world converted into work-from-anywhere mode.
OTTs broke records in subscriptions and internet usage peaked. From gaming services to drama series, we saw a flow of data and entertainment. This quite evidently led to an increase in traffic. And then arose the need to manage this traffic.
Drivenets 208m 1b lundentechcrunch
DriveNets lets companies manage this traffic and they have outdone themselves in their domain. The recent investment of $208 million in Series B is the result of the same. This makes drive net another Israeli Unicorn and 3rd such company from Israel in the last month.
The Tech Giant’s CEO Said
“We’re focusing on providing value to our customers – expanding our solution offering to increase the value that our customers receive from Network Cloud infrastructure. Our second focus is on expanding market access by enhancing sales and support teams in relevant markets.
I believe that as long as our customers are satisfied, and continue to see the technological and financial edge in our product, then good things will happen.”
Ido Susan and Hillel Kobrinsky, businessmen in the telecom industry, founded DriveNets in 2016. They want to boost network delivery and expedite network growth.
Their approach to thinking beyond traditional prospects helped them improve their supply chain and enhance their network. They provide better, far more sensitive, and impeccable services at low costs.
Their software operates over standard white-box hardware and has the capacity to easily scale the network capacity by adding more white boxes. This unique model helps them have an edge over their competitors.
“With the help of its disarrangement technique DriveNets is changing the environment of their domain and presenting a revolutionary alternative,” said Ido Susan, CEO of DriveNets. “We are very thrilled about the capabilities the future holds for our company.
In our next move, we plan to go global and do our business on a very large scale.”
People are relying on the internet to get things completed more than ever before. But apart from being easy, it’s also an infrastructural tension and a big question for companies.
With series B $208M investment by D1, it’s certain that the company will keep rolling out solutions and present itself as a key infrastructure vendor. DriveNets definitely has the power to drastically alter this industry’s structure.
The product by DriveNets is cost-reducing and effective. Recent momentum for the company’s sales is very good and satisfying. Since all work is now via the internet, we need better infrastructure more than ever and DriveNet will provide that.