DriveNets opens Tel Aviv development center

Ido Susan,  Hillel Kobrinsky / Photo: Uri Alon, Globes

The company, which currently has 200 employees, mainly in Ra'anana, plans to hire 130 more.

DriveNets, which is developing a cloud solution for communications networks, is opening a new development center in Tel Aviv. The company is planning on hiring 130 employees on top of the 200 it already has. DriveNets has 150 research and development staff.

DriveNets' offices are currently in Ra'anana in Comverse's former building, which contains the communications infrastructure that companies in the sector need. Drivenets also has a small new office in Romania. Its new Tel Aviv center will be located in the ToHa building.

CEO Ido Susan and chief strategy office Hillel Kobrinsky founded DriveNets in 2015. Susan previously sold a company to Cisco Systems for $475 million. Kobrinsky managed AT&T's development center after selling a startup to the US giant. They financed the company in its early years, before announcing a $117 million financing round last February - one of the largest Series A financing rounds ever in Israel - mostly from Pitango Venture Capital and Bessemer Venture Partners.

DriveNets is trying to help communications companies cope with the growing burden on their infrastructure and their challenging financial situation. These companies, which are facing an increase in their communications traffic, are installing more and more equipment from physical communications equipment companies. Drivenets has developed technological solutions that transfer the brain to the network, which makes it possible to install "stupid" physical equipment, thereby saving costs and streamlining management and operation of the network.

DriveNets already has revenue in the tens of millions of dollars and has signed contracts for $200 million in revenue over the next five years.

The company was selected as the most promising Israeli startup of 2019 in "Globes'" annual survey of venture capitalists. 

Published by Globes, Israel business news - en.globes.co.il - on January 6, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Ido Susan,  Hillel Kobrinsky / Photo: Uri Alon, Globes
Ido Susan, Hillel Kobrinsky / Photo: Uri Alon, Globes
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