Plume, the software-as-a-service platform for communications service providers, has raised $ 270 million in a new funding round, bringing the company’s valuation to $ 1.35 billion.
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The company’s platform serves connected homes, delivering features such as optimal Wi-Fi, parental controls and motion sensing for smart home residents while providing end-to-end applications to providers communications service to provide support. The cloud platform is essentially helping curate services across the home, according to CEO Fahri Diner.
“The smart home sector has evolved, and this is all about personal experiences for people,” Diner said in an interview with Crunchbase News. “We strive to deliver the product to the service providers, the modern services they need to retain their customers and grow their main line.”
The Palo Alto-based company has grown rapidly in the past year or so. Plume started in 2020 with around 50 customers and added around 100 over the year. So far in 2021, it has received 20 customers, bringing the total number of customers to 170. Plume serves about 22 million homes, according to the company, up from 20 million in the year. December 2020.
Industry prevailed before the COVID-19 pandemic, but the pandemic and increasing numbers of people working from home have helped accelerate growth.
“There is no doubt that the pandemic has created a tailor for us and many other companies have seen similar effects,” Diner said. “But the pandemic was not the main reason we have grown at the same rate.”
The company plans to use the new funding to earn more customers by focusing on partnerships in the service provider’s ecosystem and investing in research and development. Plume currently has about 300 employees and is likely to double its population by the end of the year, Diner said.
“The end-user experience for their Wi-Fi connection is only as good as all the equipment in their home allows it to be,” Vision partners managing director Ryan Hinkle said in an interview. With the new funding, Plume will be able to “pour fuel on the fire,” to accelerate growth, Hinkle said.
The Series E tour, led by Insight Partners. Plume last raised money with a $ 85 million D Series in February 2020, according to Crunchbase.
Photo: Li-Anne Dias
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