PR87796

RAANANA, Israel, Jan. 27, 2021 /PRNewswire=KYODO JBN/ --

Investment led by D1 Capital Partners to shake up multi-billion dollar

high-scale network and cloud infrastructure market from core to edge

DriveNets [https://drivenets.com/ ], the networking software company, announced

today that it has raised $208 million in a Series B funding round that brings

DriveNets’ valuation to more than $1 billion. The company will use the

investment to continue to offer service providers and hyperscalers a radical

new way to build their networks with higher capacity and scale at a much lower

cost. DriveNets Network Cloud is already deployed as the core routing solution

for AT&T

[https://drivenets.com/news-and-events/press-release/att-deploys-drivenets-network-cloud-in-their-next-gen-core/ ], one of the largest networks in the world,

demonstrating the scale and efficiency of a fully virtualized, disaggregated

network. The funding will also allow DriveNets to expand to new geographies,

responding to the surge in demand for more connectivity and infrastructure that

can be easily scaled in a cloud-native fashion.

The round was led by new investor D1 Capital Partners with significant

follow-on investments from existing investors Bessemer Venture Partners and

Pitango. New investor Atreides Management also participated in the round.

DriveNets Network Cloud uniquely supports the complete virtualization of

network and compute resources, enabling communication service providers and

cloud providers to meet increasing service demands much more efficiently than

with today’s monolithic routers. DriveNets’ software runs over standard white

box hardware and can easily scale network capacity by adding additional white

boxes into physical network clusters. This unique disaggregated network model

enables the physical infrastructure to operate as a shared resource that

supports multiple networks and services. It detaches network growth from cost,

increasing network profitability.

“Disaggregating the network architecture, as DriveNets has done at AT&T,

demonstrates that DriveNets Network Cloud is changing the scale and economics

of the most sophisticated networks in the world,” said Ido Susan, CEO and

Co-Founder of DriveNets. “We are excited about the opportunities the future

holds for us and have plans to disrupt more areas in the market. Our goal is to

expand our product offerings and our reach to more leading operators and cloud

providers.”

“We expect that DriveNets will continue rolling out transformative solutions

and establish itself as a preeminent Infrastructure-as-a-Service vendor,” said

Dan Sundheim, Founder of D1 Capital Partners. “We are excited by DriveNets’

potential to dramatically change the architecture of this industry."

Founded in 2016 by Ido Susan and Hillel Kobrinsky, two successful telco

entrepreneurs, DriveNets’ goal is to accelerate network growth, improve network

economics and enable the delivery of new services at the network edge.

DriveNets runs on standard white boxes based on merchant silicon, opening the

traditionally locked networking market to more players and services. This

approach has succeeded in lowering the cost per bit and improving network

profitability. The unique network design also allows faster service innovation

at the network edge, supporting multiple service payloads, including

latency-sensitive ones, over a single physical network edge.

About DriveNets

DriveNets is a fast-growing software company that builds networks like clouds.

It offers communications service providers and cloud providers a radical new

way to build networks, detaching network growth from network cost and

increasing network profitability.

Founded by Ido Susan and Hillel Kobrinsky, two successful telco entrepreneurs,

DriveNets Network Cloud is the leading open disaggregated networking solution

based on cloud-native software running over standard white boxes. DriveNets was

awarded the Leading Light award 2020 for Company of the Year (Private) and

‘Innovation Award - Vendor’ at the 21st Annual World Communications Awards. To

find out more, visit www.drivenets.com [https://drivenets.com/ ]and view our

media kit [https://drivenets.com/news-and-events/article/media-kit/ ].

Media contact:

Judith Arkush

Silicon Valley Communications

judith@siliconvpr.com  

+1 347 474 0012

Source: DriveNets