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Over $1 Billion, Drivenets Has Closed $208 Million In Financing, Series B Round

Internet service providers (ISPs) require a speedy and dependable method of growing their capacity to serve their clients in order to keep up with the rising demand.

Drivenets has closed $208 million in financing, a Series B round that puts the business at over $1 billion post-money. closed a substantial round of funding thanks to its novel software-based approach to network expansion, After a successful Series B fundraising round, DriveNets is now valued at over $1 billion.

The business provides service providers with software-based routing solutions that may be virtualized as services on a “white box” generic architecture. The company plans to use the capital to increase its global footprint and cater to a wider variety of customers, including carriers and the next generation of massive corporations that stream a lot of media and have their own network clout.

To be sure, the possibility is there, as CEO Ido Susan pointed out: “If you want to supply bandwidth with low latency, if you want to offer outstanding 5G capability, or if you want to host a cloud gaming service, you need to be close to your end customer.”

Drivenets 208m Series 1blundentechcrunch

This Series B  $208 million investment round is being led by D1 Capital Partners. When DriveNets emerged from stealth mode, Bessemer Venture Partners and Pitango had already invested $110 million. New money for DriveNets in 2019 was greater than twice the size of the company’s previous capital round as per lundentechcrunch.

D1 has become an extremely active investor over the past year, placing significant capital into firms that are receiving media attention because of epidemics. Some examples are Warby Parker, Instacart, TransferWise, the Unity game engine, Kazoo for selling cars online, and Bolt for public transportation.

The enormous fundraising round that DriveNets has received is indicative of both the health of the sector as a whole and the company’s proven ability to succeed.

Having AT&T as a customer before this round verified DriveNets’ virtual network solution. Potentially in response to the current climate and the rise in internet activity, other service providers have started looking into DriveNets’ method.

Susan foretold that the internet is growing at a speed of 30-40% annually- long before Covid-19.

While we were approached by incumbent carriers five years ago, they continue to insist that no one else can construct virtual networks. If you’re concerned about whether or not it will work, you should be asking when you can start using it.

Recently, he said, sales have been rising. He went on to remark that the growing popularity of working and learning from afar has prompted calls for improved network infrastructure.

DriveNets’ solution is built on top of a virtualized, scalable, and economical replacement for physical network routers. In addition, a virtualized system is used. Companies with vertically integrated hardware solutions, like Cisco and Juniper Networks, have historically dominated the router industry.

All of these systems are shipped in a large, well-labeled box with the required hardware and software already installed and ready to go.

Susan and co-founder Hillel Kobrinsky’s vision for a white-box, standard-based network architecture is realized in DriveNets’ replacement solution. Susan stated that three companies are currently contracted to provide the company with such containers.

The networking stack of DriveNets OS is managed by the company’s in-house Network Cloud system, therefore these are utilized in tandem with it. Since many different kinds of network services are available, any service provider can automate and tailor their offering with the help of open application programming interfaces.

A virtualized service hosted in Docker containers manages and controls the underlying infrastructure of white boxes and other servers providing these services.

Because of this, white box servers’ capacities can be increased or decreased with no effort. It’s a technique that allows programmers to get the most out of their hardware by isolating software and hardware concerns.

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