Smart home vendor Plume has closed a US$270 million minority investment from global venture capital and private equity firm Insight Partners.
The Series E round of funding gives the company, which serves more than 22 million households across the globe, a US$1.35 billion valuation and brings its total equity funding to US$397 million.
Plume said that it will use the funding to further increase investment in research and development and lean more aggressively into sales, marketing, and partnerships. The company will also 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.
Insight Partners Managing Director Ryan Hinkle, who has been appointed as a director on Plume’s board, said: “Growth in the smart home category is exploding, but the quality of consumer experience has fallen short. 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.”
Fahri Diner, co-founder and CEO of Plume, said: “We could not be more enthusiastic about welcoming Ryan to our board, and our partnership with the entire Insight team. 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.”