Smart home services pioneer Plume has closed a $270 million minority investment from global venture capital and private equity firm Insight Partners.
The Series E round at a $1.35 billion valuation brings Plume’s total equity funding to $397 million.
In December, Plume announced that its technology was present in more than 20 million active households worldwide and is averaging 1 million new home activations per month.
Instead of attempting to improve only wireless coverage through distributed hardware, Plume’s provides a suite of cloud-controlled front-end services delivered over a smart, software-defined network. Its HomePass front-end services suite consists of adaptive and self-optimising whole-home Wi-Fi, AI-driven cybersecurity and IoT device protection, parental supervision, secure access controls and motion awareness.
HomePass is complemented by a data-driven back-end operations platform offering real-time and predictive customer support tools, network control centre applications, deep analytics, comprehensive dashboards, consumer behaviour and satisfaction insights, churn prediction, and retention marketing services for CSPs through Plume’s Haystack and Harvest suites.
Plume will use the funding to further increase investment in research and development and expand sales, marketing, and partnerships. It aims to continue its expansion and add employees in all of its offices across North America, Europe and Asia.
Insight Partners managing director Ryan Hinkle, who has been appointed as a director on Plume’s board, said; “Growth in the smart home category is exploding, but the quality of consumer experience has fallen short. We are convinced that Plume, with its scalable cloud data platform approach, highly efficient go-to-market strategy, strong momentum, top-quartile financial performance across all SaaS KPIs – including revenue, growth rates, gross margin, efficiency and retention metrics – and world class team is transforming this category. We’re delighted to join and support this exciting journey.”
Added Fahri Diner, co-founder and CEO of Plume: “We could not be more enthusiastic about welcoming Ryan to our board, and our partnership with the entire Insight team. By leveraging machine learning and AI, cloud data, open source, deep ecosystem partnerships, and a scalable platform, we uniquely address the disconnect between the expectations of smart spaces and the service provider’s ability to deliver flawless experiences to them – while building a leading, high-growth SaaS business in a large, under-served market. An even stronger balance sheet through this cash infusion, coupled with our high operating leverage, sets the stage for Plume to continue to invest confidently in our future.”