Plume gains $300MN cash injection | Media Investment | Business | News | Rapid TV News
By continuing to use this site you consent to the use of cookies on your device as described in our privacy policy unless you have disabled them. You can change your cookie settings at any time but parts of our site will not function correctly without them. [Close]
In the latest part of what has been a strong second half of 2021 to date, personalised communications services and smart home technology provider Plume has announced a $300 million Series F minority equity funding round.

Virgin Plume HomePass 20Sep2021Led by SoftBank Vision Fund 2, Plume says the cash injection will bring its valuation to $2.6 billion and continue to drive research and development, sales and marketing, new partnerships, and acquisitions as it continues its global expansion.

In the last two quarters since its prior round of equity investment by Insight Partners, Plume has added more than 13 million new households and over 350 million new managed devices to its global cloud platform and acquired more than 60 new Communications Service Provider (CSP) customers. Currently, more than 240 cable multiple system operators (MSOs), telecommunications companies, and fixed wireless access operators of all sizes worldwide use Plume technology and services. The new financing will continue to drive research and development, sales and marketing, new partnerships and acquisitions and the company plans to continue its rapid product, revenue, customer, channel, and geographic expansion, as well as grow its employee base across all of its offices worldwide.

Putting its investment opportunity into context, SoftBank estimates that there will be one trillion connected devices by 2025, but believes that CSPs have struggled with optimising and delivering exceptional experiences for the modern consumer. As part of the new round, Nagraj Kashyap, managing director at SoftBank Investment Advisors and head of the consumer practice for SoftBank Vision Fund 2 will join Plume’s board. “The pandemic has dramatically accelerated the adoption of digital services, increasing our dependence on smart devices,” Kashyap remarked. “Through its innovative cloud data platform, we believe Plume’s consumer-first approach provides customers with reliable connectivity in their homes and beyond. We are pleased to partner with Fahri and the team to support their ambition of reinventing services for smart spaces globally.”

Going forward Plume says it will offer a suite of AI-driven, cloud-controlled services for residential consumers and small businesses that include adaptive, self-optimising Wi-Fi, secure parental and access controls, advanced device security and motion awareness. It believes that it can benefit from consumers’ appetite for hyper-connectivity and personalised smart services.

“Our explosive growth over the last few years is explained simply: Plume has reinvented how services for smart spaces are curated, delivered at scale, and managed and supported. We’re moving beyond the limitations of the legacy approaches that couple hardware and services into a ‘box’—choking the CSPs’ ability to introduce and scale delightful new experiences to the consumers rapidly and effectively,” added Fahri Diner, Founder and CEO of Plume. “Our vision and ambitions are perfectly aligned with SoftBank’s, and we are thankful for their support and confidence in Plume.”

In a latest example of the types of deals that it aims to strike, in September 2021 Plume announced a partnership with UK cable operator Virgin Media to bring to the UK smarter Wi-Fi with advanced device security, in-home motion detection and advanced controls, including those households in areas not yet covered by the provider’s broadband network footprint.