Plume, the personalized communications services pioneer, has announced that it has closed $300 million in a new round of minority equity investment led by SoftBank Vision Fund 2. This round brings the company’s valuation to $2.6 billion, with $697 million raised to date.
The announcement said, “The investment will continue to drive research and development, sales and marketing, new partnerships, and acquisitions as Plume continues its global expansion and hyper-growth. In the last two quarters since its prior round of equity investment by Insight Partners, Plume added more than 13 million new households, over 350 million new managed devices to its global cloud platform, and acquired more than 60 new Communications Service Provider (CSP) customers.”
“The pandemic has dramatically accelerated the adoption of digital services, increasing our dependence on smart devices,” said Nagraj Kashyap, Managing Partner at SoftBank Investment Advisers, who joined the Plume Board of Directors. “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.”
“Plume is leading the industry with a cloud, massive data and open-source driven Customer Experience Management Platform that enables Communications Service Providers to boost in-home WiFi experience for customers while also minimizing their operational expenses substantially,” said Anirudh Bhaskaran, Senior Industry Analyst at Frost & Sullivan.
“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,” said Fahri Diner, Founder and CEO of Plume. “Our vision and ambitions are perfectly aligned with SoftBank’s, and we are thankful for their support and confidence in Plume.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.