DriveNets, an Israel-based cloud networking technology provider backed by electronics manufacturer Samsung, secured $208m in series B funding yesterday, valuing it at more than $1bn.
Investment firm D1 Capital Partners led the round, which also featured Atreides Management, VC firms Bessemer Venture Partners (BVP) and Pitango Growth.
Founded in 2015, DriveNets has built network management software that enables cloud and telecommunications service operators to improve their network capacities.
The company’s lead product, DriveNets Network Cloud, helps virtualise networks and compute resources, allowing physical router infrastructure to run on the cloud. The funding will go to international expansion and product development catering to cloud-based networking infrastructure.
DriveNets emerged from stealth in February 2019 with $110m in series A funding, the tranche being co-led by BVP and Pitango and backed by unnamed investors, valuing it at more than $500m.
The company added a further $7m five months later, from backers including private investors Steve Luczo, Mark McLaughlin and John Thompson. Samsung Venture Investment, a corporate venturing vehicle for Samsung, also lists DriveNets as one of its portfolio companies.
DriveNets CEO and co-founder Ido Susan said: “We are excited about the opportunities the future holds for us and have plans to disrupt more areas in the market. Our goal is to expand our product offerings and our reach to more leading operators and cloud providers.”
