Plume raises additional US$300 million in funding

Communications service firm Plume has closed US$300 million in a new round of minority equity investment led by SoftBank Vision Fund 2.

The latest round of investment brings the company’s valuation to US$2.6 billion. In total, Plume has raised US$697 million to date.

Plume said that it will use the investment to drive research and development, sales and marketing, new partnerships, and acquisitions.

The company said that it has added more than 13 million new households and over 350 million new managed devices to its global cloud platform over the past two quarters. In total, more than 240 cable multiple system operators worldwide utilise Plume technologies.

Fahri Diner, Founder and CEO of Plume, said: “Our explosive growth over the last few years is explained simply: Plume has reinvented how services for smart spaces are curated, delivered at scale, and managed and supported. We’re moving beyond the limitations of the legacy approaches that couple hardware and services into a ‘box’ – choking the CSPs’ ability to introduce and scale delightful new experiences to the consumers rapidly and effectively. Our vision and ambitions are perfectly aligned with SoftBank’s, and we are thankful for their support and confidence in Plume.” 

Nagraj Kashyap, Managing Partner at SoftBank Investment Advisers, who joined the Plume Board of Directors, said: “The pandemic has dramatically accelerated the adoption of digital services, increasing our dependence on smart devices. Through its innovative cloud data platform, we believe Plume’s consumer-first approach provides customers with reliable connectivity in their homes and beyond. We are pleased to partner with Fahri and the team to support their ambition of reinventing services for smart spaces globally.”