DriveNets, a unicorn networking company, has secured $262 million in a Series C funding round.
It provides software-based routing solutions to build networks and increase growth and profitability.
The funding round was led by D2 Investments with the participation of DriveNets’ current investors, including Bessemer Venture Partners, Pitango, D1 Capital, Atreides Management, and Harel Insurance Investments & Financial Services.
Through DriveNets’ software, businesses can facilitate automated operations, accelerate innovation with on-demand infrastructure, and reduce the overall complexity of networking and communication in the cloud. The company is valued at over $1 billion.
“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 demonstrated its ability to move the networking industry forward and has gained the trust of tier-1 operators,” said Adam Fisher, Partner at Bessemer Venture Partners.
Sign up for our free weekly newsletterSubscribe
“While other solution providers are facing challenging headwinds, DriveNets continues to innovate and execute on its vision to change the future of the networking market.”
“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,” said Aaron Mankovski, Managing Partner at Pitango.
“This investment will allow DriveNets to expand its footprint in the market and develop additional offerings.”
The company last had a funding round in 2021 where it secured $208 million from the same investors.
DriveNets was founded in 2015 and is based in Ra’anana, Israel. The company currently has over 300 employees.