Cloud networking startup emerges from stealth mode with funding

February 15, 2019 //By Jean-Pierre Joosting
Cloud networking startup emerges from stealth mode with funding
A networking software company that has just emerged from stealth, DriveNets has announced a first round of financing of $110M to accelerate its revolution of service provider networks by bringing networking to the cloud. The round was led by Bessemer Venture Partners and Pitango Growth, with the participation of a number of private investors.

Today, demand for services is skyrocketing exponentially but customers are not paying more. Profits are shrinking and service providers need a new paradigm. To address these issues DriveNets has developed a software-centric cloud-based architecture represented by Network Cloud, which couples technological innovation with a unique business mode and in the process disrupts network economics.

Network Cloud disconnects network cost from capacity growth and allows communication service providers (CSPs) to handle skyrocketing demand without sacrificing profitability. It radically simplifies network operations, as it can create any network function from the same software stack and only two generic hardware building blocks. And since the entire infrastructure is software-centric, Network Cloud accelerates new service rollouts at full network scale.

See also: IBM purchases Red Hat in 'hybrid cloud' drive

DriveNets was founded in late 2015 and has been self-funded until now. Fiercely focused on execution, the company achieved its first major contract in 2017, which brought its technology to the production network of a tier-1 North American service provider. Since then DriveNets has recorded revenues of tens of millions of dollars. The new financing will fuel ambitious growth plans, as the company expands its product portfolio and penetrates new markets worldwide. The company has 150 employees and plans to expand to 200 staff members by the end of the year.

See also: Intel, Ericsson collaborate on software defined 5G infrastructure

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