Plume Raises $270 Million at $1.35 Billion Valuation

February 23, 2021 Roxanne Leone 0

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New financing from Insight Partners will fuel Plume’s accelerating growth

 

Plume®, the company behind the smart home service offerings of more than 170 Communications Service Providers (CSPs) served to more than 22 million households across the globetoday announced that it has closed $270 million minority investment from global venture capital and private equity firm Insight Partners. This Series E round at a $1.35 billion valuation brings Plume’s total equity funding to $397 million. 

 

Plume was founded on the premise that a device will only ever be as smart as the network it’s connected toand that the existing smart home services were sorely lacking. Instead of attempting to improve only  wireless coverage through distributed hardware, Plume’s approach is entirely different  comprehensive suite of cloud-controlled front-end services delivered over a smart, software-defined network. Plume’s HomePass front-end services suite consists of adaptive and self-optimizing whole-home WiFiAI driven cybersecurity and IoT device protection, sophisticated parental supervisionsecure access controls, and motion awareness. HomePass is complemented by powerful, datadriven back-end operations platform offering real-time and predictive customer support tools, network control center applications, deep analytics, comprehensive dashboards, consumer behavior 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 & development and lean more aggressively into salesmarketingand partnerships. The company will seek to continue its rapid product, revenue, customer, channel, and geographic expansion and plans to add employees in all of its offices across North America, Europe, and Asia. 

 

Growth in the smart home category is exploding, but the quality of consumer experience has fallen short,” said Insight Partners Managing Director Ryan Hinkle, who has been appointed as a director on Plume’s board. “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. 

 

Customers benefit from Plume’s constantly expanding platform through OpenSync™, the most widely supported open-source, silicon-to-cloud framework for smart spacesWith OpenSync, CSPs can decouple their service offerings from hardware and rapidly curate and deliver new services over a multi-vendor, open-platform architecture. Managed by a massively scalable cloud control plane, new services can often be delivered without requiring new equipment, reducing CAPEX spend and extending the useful life of existing infrastructure. Since its creation in 2018, OpenSync has grown to power more than 26 million access points and switches across a broad range of silicon SDK and CPE platforms, and has attracted many thirdparty developers and contributors. 

 

We could not be more enthusiastic about welcoming Ryan to our board, and our partnership with the entire Insight team,” said Fahri Diner, Co-founder and CEO of Plume. By leveraging machine learning and AI, cloud dataopen-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 infusioncoupled with our high operating leveragesets the stage for Plume to continue to invest confidently in our future. 

 

Jefferies acted as financial advisor to Plume on the transaction. 

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