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Sunday, March 26, 2023

Drivenet Successfully Raised $208 million in Series B Funding

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Drivenet is a fast-growing software-based company. It basically works on developing software and building the most efficient and effective networks, like clouds.

Drivenet, the company that built one of the most famous networks, i.e., cloud, announced that it had raised $208 million in Series B funding. DriveNet has acquired a value of more than $1 billion. Furthermore, it offers communication service providers and cloud providers to its customers. This funding will also let Drivenet expand its business to new geographical boundaries, fulfill customer demands quickly, work efficiently with high technology and greater efficiency, develop infrastructure in a better way, and many more.

If we summarize the entire work of the company, then it can be said that it is a company based on networks, which entirely aims at searching for new ways to build networks, detaching network growth from network cost, and increasing network profitability. Drivenet states that it will use this funding to deliver higher value, such as advanced products and high-quality services at cheaper or reasonable rates.

DriveNet clouds are unique as compared to other clouds as they support complete visualization of network and computer resources more efficiently. Also, their communication service providers and cloud providers are developed in such a manner that they can meet increasing service demand much more efficiently as compared to any other router.

Moreover, DriveNet software has developed white boxes over which the software runs. These white boxes benefit the network in the long run. Whenever Drivenet has to increase its network capacity, additionally white boxes in the physical cluster, and the efficiency increases at a greater speed. To enable its physical infrastructure to operate smoothly, efficiently, in an aggregated manner, and as a shared resource. The Drivenet model supports multiple services and networks on a large scale.

Ido Susan, the CEO and co-founder of DriveNet, says that “DriveNet has disaggregated the network architecture at AT&T, and it was a remarkable and memorable time for the company as it reflects the company’s network cloud capacity to change the scale and economics of the most sophisticated network in the world for the first time.”

He further added that we are really excited about working on the opportunities that will come to us in the near future and we will expand our market in more and more areas with time. Our motive and goal is to expand our product offerings and reach the height of glorious success.

“We expect that diveNet will emerge as one of the most leading companies in the near future, that continues rolling out transformative solutions and establishes itself as a unique identity,” and “we are excited as well after looking at drivent’s potential to change the architecture of industries,” said Dan Sudgeim, Founder of D1 Capital Partners.

At present, Drivenet is one of the leading companies in the field of networking, with a market capitalization of more than $1 billion.

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