Plume Design, a US-based internet communication software developer backed by multiple corporate investors, secured $270m in series E funding from growth equity firm Insight Partners at a $1.35bn valuation yesterday.
Founded in 2015, Plume has built an artificial intelligence-equipped software platform that helps internet service providers improve their customers’ home wifi connection speed and internet-of-things security.
The capital will be used to boost Plume’s research development efforts and improve its sales, marketing and partnership activities. It also intends to expand its product offering, increase geographic coverage and hire staff for its offices in Asia, Europe and North America, and said its total equity funding now stands at $397m.
Plume received $60m in a February 2020 series D round featuring mass media groups Liberty Global, Charter Communications, Service Electric Cablevision and Shaw Communications, consumer electronics producer Belkin and semiconductor technology provider Qualcomm.
Qualcomm and Liberty Global were represented by Qualcomm Ventures and Liberty Global Ventures respectively, and the round included an additional $25m of debt financing supplied by Silicon Valley Bank and WestRiver Group.
The company completed a $37.5m round in 2017 led by Comcast Cable, a subsidiary of mass media group Comcast, and backed by Liberty Global Ventures as well as Shaw Ventures, Samsung Venture Investment and Presidio Ventures, on behalf of Shaw Communications, electronics manufacturer Samsung and conglomerate Sumitomo respectively.
Comcast Cable, Liberty Global Ventures, Presidio Ventures, Samsung Ventures and Shaw Ventures were all early investors in Plume. The company has also identified contract electronics manufacturer Foxconn, Jackson Square Ventures and UpBeat Venture Partners as shareholders.
