Smart Home service provider Plume has been valued at $1.35 billion following 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.
Insight Partners Managing Director Ryan Hinkle, who will now sit of Plume’s board of directors said the company’s scalable cloud data platform approach was “transforming the Smart Home category”.
Plume’s service, which is now available through 170 Communications Service Providers, serving 22 million households offers a suite of cloud-controlled front-end services delivered over a smart, software-defined network. These include the HomePass front-end services suite designed to optimize 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.
“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 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.
Jefferies acted as financial advisor to Plume on the transaction.
