Networking software company DriveNets has raised $208 million in a Series B funding round that brings DriveNets’ valuation to more than $1 billion.

The round was led by new investor D1 Capital Partners with follow-on investments from existing investors Bessemer Venture Partners and Pitango. New investor Atreides Management also participated in the round.

The company will use the investment to continue to offer service providers and hyperscalers a new way to build their networks with higher capacity and scale at a much lower cost.

DriveNets Network Cloud is already deployed as the core routing solution for AT&T, demonstrating the scale and efficiency of a fully virtualized, disaggregated network.

The funding will also allow DriveNets to expand to new geographies, responding to the surge in demand for more connectivity and infrastructure that can be easily scaled in a cloud-native fashion.

DriveNets Network Cloud supports the complete virtualization of network and compute resources, enabling communication service providers and cloud providers to meet increasing service demands much more efficiently than with today’s monolithic routers.

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