Israeli cloud-native networking solutions DriveNets today announced the completion of a $262 million Series C financing round led by D2 Investments with the participation of existing investors, including Bessemer Venture Partners, Pitango, D1 Capital, Atreides Management, and Harel Insurance Investments & Financial Services. The company said that the latest round considerably increased its valuation over the more than $1 billion of its January 2021 Series B round.
DriveNets said that the latest funds will be used to develop future technology solutions, pursue new business opportunities, and expand the company's global operations and support teams to support growing customer demand.
The Ra'anana-based company, which was founded in 2016 by telecom entrepreneurs CEO Ido Susan and chief strategy officer Hillel Kobrinsky was chosen as "Globes" startup of the year in 2019. The latest financing round brings the amount raised by DriveNets to $587 million. The company has 420 employees.
Susan said, "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. 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."
Since its last funding round in January 2021, DriveNets has increased network traffic running on the DriveNets' Network Cloud solution by 1,000%, engaged with nearly 100 customers and doubled bookings year over year, and established strategic partnerships including with Itochu Techno-Solutions Corporation (CTC), EPS Global, Wipro Limited, and KGPCo.
Published by Globes, Israel business news - en.globes.co.il - on August 17, 2022.
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