Palo Alto \u2014 Plume\u00ae, the company behind the smart home service offe\u00adrings of more than 170 inter\u00adnet service provi\u00adders (CSPs) in over 22 million homes world\u00adwide, today announ\u00adced the closing of a $270 million mino\u00adrity invest\u00adment by global venture capi\u00adtal and private equity firm Insight Part\u00adners. This Series E finan\u00adcing round brings the $1.35 billion valued company\u2019s equity finan\u00adcing to a total of $397 million.<\/p>\n
Plume was foun\u00added on the premise that a device is only as smart as the network it is connec\u00adted to. In this respect, the exis\u00adting smart home services show clear defi\u00adcits. Plume\u2019s goal is not just to improve WLAN coverage through decen\u00adtra\u00adli\u00adzed hard\u00adware, but to rely on an enti\u00adrely diffe\u00adrent solu\u00adtion: a compre\u00adhen\u00adsive set of cloud-driven front-end services deli\u00advered over an intel\u00adli\u00adgent, soft\u00adware-defi\u00adned network. The Plume Home\u00adPass\u2122 front-end services suite provi\u00addes adap\u00adtive and self-opti\u00admi\u00adzing Wi-Fi throug\u00adhout the home, AI-driven cyber\u00adse\u00adcu\u00adrity and protec\u00adtion for IoT devices, sophisti\u00adca\u00adted paren\u00adtal controls, and secure access control and motion detec\u00adtion. Comple\u00admen\u00adting Home\u00adPass is a powerful, data-driven back-end opera\u00adti\u00adons plat\u00adform that provi\u00addes nume\u00adrous useful tools through Plume\u2019s Haystack\u2122 and Harvest\u2122 suites: for real-time custo\u00admer support that is also predic\u00adtive, network control center appli\u00adca\u00adti\u00adons, detailed analy\u00adtics, compre\u00adhen\u00adsive dash\u00adboards, custo\u00admer beha\u00advior and satis\u00adfac\u00adtion insights, churn fore\u00adcas\u00adting, and reten\u00adtion marke\u00adting services for CSPs.<\/p>\n
Plume will use the funding to inten\u00adsify its invest\u00adment in rese\u00adarch and deve\u00adlo\u00adp\u00adment and increase its focus on sales, marke\u00adting and part\u00adner\u00adships. The company also plans to conti\u00adnue its rapid deve\u00adlo\u00adp\u00adment in the areas of products, sales, custo\u00admers, distri\u00adbu\u00adtion chan\u00adnels and geogra\u00adphic expan\u00adsion, hiring new employees in all loca\u00adti\u00adons in North America, Europe and Asia.<\/p>\n
\u201cThe market for smart home products is lite\u00adrally explo\u00adding, but the custo\u00admer expe\u00adri\u00adence often falls by the wayside,\u201d said Ryan Hinkle, mana\u00adging direc\u00adtor of Insight Part\u00adners, who joined Plume\u2019s board of direc\u00adtors. \u201cWe believe Plume\u2019s scalable cloud data plat\u00adform, highly effi\u00adci\u00adent go-to-market stra\u00adtegy, strong deve\u00adlo\u00adp\u00adment poten\u00adtial, best-in-class finan\u00adcial perfor\u00admance across all SaaS KPIs \u2014 inclu\u00adding reve\u00adnue, growth rates, gross margin, and effi\u00adci\u00adency and reten\u00adtion metrics \u2014 and world-class team will open up enti\u00adrely new hori\u00adzons in this space. We are plea\u00adsed to be able to accom\u00adpany and support this exci\u00adting journey.\u201d<\/p>\n
Custo\u00admers bene\u00adfit from the ever-expan\u00adding Plume plat\u00adform through Open\u00adSync\u2122, the most widely supported open source sili\u00adcon-to-cloud frame\u00adwork for smart spaces. With Open\u00adSync, CSPs can offer their services in a hard\u00adware-inde\u00adpen\u00addent manner and quickly curate and deploy new services using a vendor-neutral, open-plat\u00adform archi\u00adtec\u00adture. Mana\u00adged through a highly scalable cloud control plane, new services can be deployed mostly without new equip\u00adment, redu\u00adcing capi\u00adtal expen\u00addit\u00adures and exten\u00adding the useful life of exis\u00adting infra\u00adstruc\u00adture. Since its incep\u00adtion in 2018, Open\u00adSync has been active on more than 26 million access points and swit\u00adches across a wide range of chip\u00adset and device plat\u00adforms, and has attrac\u00adted many exter\u00adnal deve\u00adlo\u00adpers and supporters.<\/p>\n
\u201cWe are exci\u00adted to welcome Ryan Hinkle to our board and look forward to working with the entire Insight team,\u201d said Fahri Diner, co-foun\u00adder and CEO of Plume. \u201cUsing machine lear\u00adning and AI, cloud data, open source, close ecosys\u00adtem part\u00adner\u00adships, and a scalable plat\u00adform, we are uniquely bridging the gap between the expec\u00adta\u00adti\u00adons of smart spaces and the ability of service provi\u00adders to deli\u00adver perfect expe\u00adri\u00aden\u00adces \u2014 while buil\u00adding a leading, high-growth SaaS busi\u00adness in a large, under\u00adser\u00adved market. Our streng\u00adthe\u00adned finan\u00adcial resour\u00adces from this invest\u00adment, coupled with our opera\u00adtio\u00adnal scale advan\u00adtage, set the stage for Plume to conti\u00adnue to invest confi\u00addently in its future.\u201d<\/p>\n
Jeffe\u00adries acted as finan\u00adcial advi\u00adsor to Plume in the transaction.<\/strong><\/p>\n About Plume<\/strong><\/p>\n Plume\u00ae has deve\u00adlo\u00adped the worl\u00add\u2019s first globally deployed SaaS expe\u00adri\u00adence plat\u00adform for commu\u00adni\u00adca\u00adti\u00adons service provi\u00adders (CSPs) and their subscri\u00adbers. As the only open and hard\u00adware-inde\u00adpen\u00addent solu\u00adtion, Plume enables rapid deploy\u00adment of new services to connec\u00adted homes (and beyond) at scale. Custo\u00admers bene\u00adfit from self-opti\u00admi\u00adzing WLAN, cyber\u00adse\u00adcu\u00adrity, access controls, paren\u00adtal controls, motion detec\u00adtion and much more. CSPs get relia\u00adble back-end appli\u00adca\u00adti\u00adons that provide unpre\u00adce\u00adden\u00adted visi\u00adbi\u00adlity and both reac\u00adtive and preven\u00adta\u00adtive support. Plume lever\u00ada\u00adges Open\u00adSync\u2122, an open source frame\u00adwork pre-inte\u00adgra\u00adted on and supported by the leading chip\u00adset, CPE and plat\u00adform SDKs.<\/p>\n Plume\u2019s inves\u00adtors include Char\u00adter Commu\u00adni\u00adca\u00adti\u00adons, Comcast Cable, Foxconn, Insight Part\u00adners, Jack\u00adson Square Ventures, Liberty Global Ventures, Presi\u00addio Ventures, Qual\u00adcomm, Samsung, Service Elec\u00adtric Cable\u00advi\u00adsion, Shaw Ventures, Sili\u00adcon Valley Bank and UpBeat Venture Part\u00adners. www.plume.com, www.plume.com\/homepass, andwww.opensync.io.<\/p>\n Plume, Home\u00adPass, Haystack, Harvest and Open\u00adSync are trade\u00admarks or regis\u00adtered trade\u00admarks of Plume Design, Inc.<\/p>\n About Insight Partners<\/strong><\/p>\n Insight Part\u00adners is a leading global venture capi\u00adtal and private equity firm that invests in high-growth tech\u00adno\u00adlogy and soft\u00adware scale-up compa\u00adnies driving disrup\u00adtive change in their indus\u00adtries. Since its foun\u00adding in 1995, Insight Part\u00adners has inves\u00adted in more than 400 compa\u00adnies world\u00adwide and raised more than $30 billion in invest\u00adment capi\u00adtal through a series of funds. Insigh\u00adt\u2019s goal is to find, fund and successfully part\u00adner with visio\u00adnary entre\u00adpre\u00adneurs by provi\u00adding them with prac\u00adti\u00adcal, real-world soft\u00adware exper\u00adtise to enable long-term success. Through its people and port\u00adfo\u00adlio, Insight fosters a culture based on the belief that ScaleUp compa\u00adnies and growth create oppor\u00adtu\u00adni\u00adties for all. www.insightpartners.com<\/p>\n","protected":false},"excerpt":{"rendered":" Palo Alto \u2014 Plume\u00ae, the company behind the smart home service offe\u00adrings of more than 170 inter\u00adnet service provi\u00adders (CSPs) in over 22 million homes world\u00adwide, today announ\u00adced the closing of a $270 million mino\u00adrity invest\u00adment by global venture capi\u00adtal and private equity firm Insight Part\u00adners. This Series E finan\u00adcing round brings the $1.35 billion [\u2026]<\/p>\n","protected":false},"author":2,"featured_media":36889,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[886,1364,1365,1366,1369,1373],"tags":[],"class_list":["post-43441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-en","category-featured-en","category-private-equity-en","category-news-en","category-investors","category-venture-capital-en","news-category-venture-capital-news"],"yoast_head":"\n