PALO ALTO – 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 globe, today announced that it has closed a $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 to, and 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 – a 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 WiFi, AI driven cybersecurity and IoT device protection, sophisticated parental supervision, secure access controls, and motion awareness. HomePass is complemented by a powerful, data-driven 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 sales, marketing, and 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.
Jefferies acted as financial advisor to Plume on the transaction.