Israeli Software Firm DriveNets Raises $110 Million in First Round of Financing

DriveNets said its software allows communication service providers to handle growing demand without sacrificing profitability

Reuters
Reuters
Send in e-mailSend in e-mail
Employees of the Israeli networking software company DriveNets pose for a group picture
Employees of the Israeli networking software company DriveNets pose for a group pictureCredit: תמוז רחמן
Reuters
Reuters

Israeli networking software company DriveNets said on Thursday it raised $110 million in its first round of financing led by Bessemer Venture Partners and Israel’s Pitango Growth, with the participation of several private investors.

The new financing will help the company expand its product portfolio and penetrate new markets, it said.

DriveNets said its software allows communication service providers to handle growing demand without sacrificing profitability. Bringing networking to the cloud can accelerate new service rollouts, it said.

DriveNets was founded in late 2015 by Ido Susan and Hillel Kobrinsky and has been self-funded until now.

It achieved its first major contract in 2017 with a top North American service provider and has since recorded tens of millions of dollars in revenue. The company has 150 employees and plans to expand to 200 by the end of the year.

Susan co-founded Intucell, which was acquired by Cisco for $475 million while Kobrinsky founded Interwise, which was acquired by AT&T for $121 million.

Click the alert icon to follow topics:

Comments

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.

NOW: 40% OFF
Already signed up? LOG IN

ICYMI

הקלטות מעוז

Jewish Law Above All: Recordings Reveal Far-right MK's Plan to Turn Israel Into Theocracy

איתמר בן גביר

Why I’m Turning My Back on My Jewish Identity

Travelers looking at the Departures board at Ben Gurion Airport. The number of olim who later become yordim is unknown.

Down and Out: Why These New Immigrants Ended Up Leaving Israel

Beatrice Grannò and Simona Tabasco as Mia and Lucia in "The White Lotus."

The Reality Behind ‘The White Lotus’ Sex Work Fantasy

The Mossad hit team in Dubai. Exposed by dozens of security cameras

This ‘Dystopian’ Cyber Firm Could Have Saved Mossad Assassins From Exposure

מליאת הכנסת 28.12.22

Comeback Kid: How Netanyahu Took Back Power After 18 Months in Exile