– USA, CA – Plume, the company behind the smart home service offerings of more than 170 Communications Service Providers served to more than 22 million households across the globe, today announced that it has closed a $270 million Series E minority investment from Insight Partners. This round at a $1.35 billion valuation brings total equity funding to $397 million.
Concurrent with the financing, Ryan Hinkle, Managing Director at Insight Partners joins the Board of Directors.
“Growth in the smart home category is exploding, but the quality of consumer experience has fallen short,” said Ryan Hinkle, Managing Director at Insight Partners. “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.”
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 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.
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 third-party developers and contributors.
“We could not be more enthusiastic about welcoming Ryan to our board, and our partnership with the entire Insight team,” said Co-founder and CEO, Fahri Diner. “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. An even stronger balance sheet through this cash infusion, coupled with our high operating leverage, sets the stage for Plume to continue to invest confidently in our future.
Plume is the creator of the world’s first SaaS experience platform for Communications Service Providers and their subscribers deployed globally. As the only open and hardware-independent solution, Plume enables the rapid delivery of new services for connected homes on a massive scale. For consumers, Plume delivers self-optimizing WiFi, cyber-security, access controls, parental controls, motion sensing, and more. CSPs get robust back-end applications for unprecedented visibility and both reactive and pre-emptive support. Plume leverages OpenSync™, an open-source framework which comes pre-integrated and supported on the leading silicon, CPE, and platform SDKs.
Plume’s investors include Charter Communications, Comcast Cable, Foxconn, Insight Partners, Jackson Square Ventures, Liberty Global Ventures, Presidio Ventures, Qualcomm, Samsung, Service Electric Cablevision, Shaw Ventures, Silicon Valley Bank, and UpBeat Venture Partners.
For more information: https://www.plume.com/
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create an opportunity for all.
For more information: https://www.insightpartners.com/
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