Cloud-native networking software provider DriveNets says it has accrued $262 million in a Series C venture capital funding round. D2 Investments led the round, with the participation of current investors Bessemer Venture Partners, Pitango, D1 Capital, Atreides Management, and Harel Insurance Investments & Financial Services. DriveNets says it will use the money on product development, pursuit of new business opportunities, and expansion of the company's global operations and support teams.
DriveNets offers its Network Cloud platform, which provides cloud-based router functionality (see “DriveNets 400G Network Cloud software, white-box disaggregated router in Tier 1 service provider tests”). Since its Series B funding in January 2021, the company asserts that network traffic running on Network Cloud has increased by 1000%. The company also has engaged with nearly 100 customers and doubled bookings year over year (see, for example, “AT&T deploys DriveNets Network Cloud for core routing with white boxes”).
"DriveNets' approach of building networks like cloud allows telecom providers to take advantage of technological efficiencies available to cloud hyperscalers, such as cloud-native software design and optimal utilization of shared resources across multiple services," said Ido Susan, DriveNets founder and CEO. "This latest round of investment demonstrates our investors' and customers' confidence in us and will enable us to expand the value and global operational support we offer them."
"DriveNets has already made a big impact in the high-scale networking industry, and its routing solutions are adopted by Tier 1 operators for their quality and the innovation they enable," commented Aaron Mankovski, managing partner at Pitango. "This investment will allow DriveNets to expand its footprint in the market and develop additional offerings."
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