DriveNets, an Israeli startup that offers cloud-native networking solutions, raised $262 million in a Series C round of funding led by D2 Investments. The raise makes DriveNets yet another unicorn to come out of Israel Startup Nation.
This raise by DriveNets constitutes some much needed good news for Startup Nation as it has been suffering along with the rest of the world from the current global fiscal crisis. A number of its firms have been forced to lay off many employees in recent months and some of its startups have even seen their valuations decrease.
According to Cisco, Cloud-native applications are designed to be portable to different deployment environments: for example, in a public, private, or hybrid cloud. Continuous delivery and DevOps are methods used to automate the process of building, validating, and deploying services into a production network.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at email@example.com.
And the services offered by DriveNets are important because everything is going into the cloud these days. More and more software companies are offering their programs as online software as a service. Services like Google Docs have always been online services. And more firms move their data into cloud services because this offers the advantage of not needing to invest in your own servers.
Founded in 2015 by Ido Susan and Hillel Kobrinsky, DriveNets says that it 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.
The company boasts that its DriveNets Network Cloud 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.
“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.”
Since its last funding round in 2021, DriveNets says that it has gained significant market traction. The company has seen growing network traffic running on the DriveNets’ Network Cloud solution by 1,000 percent, engaging with nearly 100 customers and doubled bookings year over year, establishing key strategic partnerships to speed up the deployment of next-generation networks worldwide, including agreements with Itochu Techno-Solutions Corporation (CTC), EPS Global, Wipro Limited, and KGPCo.