The network software company drivenet heightened the company valuation by getting series B funding $208M round and declared itself as a unicorn

Year by year, the digital intervention has changed nearly every aspect of our lives. It has transformed all traditional processes into dynamic ones. Cloud computing is one example of how digital transformation has made our lives easier in several ways. The cloud allows confidential information to travel quickly in both directions: across computing with virtualization technology and scaling up/down to efficiently handle larger workloads and provide a higher level of security across thousands of computing machines. 

Drivenet a leader in cloud-native networking software and network disaggregation solution has raised $208M series B funding last year. Bringing t’s valuation to more than 1 billion. It shows that how the company plans to expand its reach. 

The company claims that it is planning towards strong momentum and continued growth in 2022. Recently, it has launched a new marketing campaign propping the company as an ongoing disruptor and a leader in evolution.

More importantly,DriveNets, a pioneer in cloud-native has announced the appointment of three industry veterans to its executive team. DriveNets has hired James Morgan as Senior Vice President of Sales for Europe. Ryan Donnelly has been appointed Senior Vice President of Infrastructure. As Executive Vice President of Sales for the Americas, John Sweeney joins. All three have joined DriveNets from major global cloud and networking firms.

Moreover, With advances in cloud computing and increased network hosting usage, imagine what it would be like if both were fused together and used as an ultimate solution for the growth of any business. This may appear to be a fairy tale at first, but what if we tell you that the wheels are already in motion and the thing has already been innovated? The Drive Nets are here! DriveNets is a hosting service provider that creates networks on clouds for improved communication. They are creating something that will provide their users with cloud computing, IoT, flexibility, and round-the-clock services.

More about Drivenet & its History

Ido Susan and Hillel Konbrinsky founded DriveNets in December 2015 with the goal of providing software-based networking solutions for businesses seeking multi-access edge computing with micro services at the core. They were able to pinpoint the crux of the problem with the help of an excellent data scientist team and create a solution for it with skilled engineers. The company is still expanding, with its headquarters in Israel and an office in New Jersey, USA.

How does Drivenet provide a solution? and what services does it provide?

DriveNets allow cloud-native network services under one shared infrastructure. DriveNets Network Platform provides service and cloud providers with the ability to build cloud-like networks and reap the cost, flexibility, and innovation benefits of this new architecture, which means it supports the perception of disaggregated core and edge networks.

 The company’s disaggregated core service also provides multi-service networks, AT&T core network deployment, and network orchestration. Their technology is in sync with the major industry communities working to improve network infrastructure by supporting integral routing and third-party service instances from core to edge.

 Currently, the services offered by DriveNets include Core, Aggregation, Peering, Cable, DCI (Data Center Interconnection), and Edge cloud.

Drivenet – Recognition, and Investments 

Since its inception, the Israel-based company has received numerous awards and accolades for its innovation and development. They were named startup of the year in 2019 after ranking first on the list of Most Promising Startups. To date, they have received 18 awards, including Innovation of the Year (WCA), Most Promising (Business Insider), Next Gen Deployment Wireline (Fierce), and many others, showcasing their expertise in the field of cloud networks. 

A startup company cannot survive in the business world without funds and needs backup from top investors and companies around the globe. DriveNets had no trouble raising funds or finding people and companies to invest in because they were already expected to be promising and successful companies in the future. And, currently, they are backed by some of the top investors in the valley, such as Bessemer Venture Partners, Pitango, and Atreides. 

They have been through three rounds of series funding. They raised $110 million in Series A, which was announced on February 14^th, 2019, and their lead investors in the first round were BVP and Pitango. DriveNets announced on July 8^th, 2019 that they had raised $7 million from five individual investors again in Series A, and this time John Thompson, Mark McLaughlin, and Stephen Luczo were the lead investors. Their biggest achievement in terms of investing came on January 27^th, 2021, when they nabbed a massive $208 million in Series B funding from a total of four investors. D1 Capital Partners was the capital market company that led the investment in the second funding round.

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