US-based wifi technology developer Plume completed a $60m series D round yesterday co-led by telecommunications firms Charter Communications, consumer electronics manufacturer Belkin, chipmaker Qualcomm and cable television provider Service Electric Cablevision.
The equity round, secured with $25m in debt financing from Silicon Valley Bank and WestRiver Group, included telecoms firm Shaw Communications and mass media group Liberty Global. Qualcomm and Liberty Global invested through their Qualcomm Ventures and Liberty Global Ventures units.
Founded in 2015, Plume has created mesh technology – a type of network designed to provide sustained wifi coverage throughout a house – which uses artificial intelligence to adapt signal strength in real time.
The system identifies and blocks malicious activity, offering parental controls including the ability to remove internet access from specific devices. Visitors can be given temporary access to the wifi network and it can integrate with smart connected devices in the home.
Plume also offers an enterprise version of the product that enables clients such as internet and telecoms service providers to deploy and manage smart home services at scale.
Andrew Ip, senior vice-president of emerging technology and innovation for Charter Communications, has joined the company’s board of directors in connection with its investment.
Plume said it has raised $127m in equity financing to date. Comcast Cable, a subsidiary of mass media group Comcast, took part in a $37.5m funding round for the company in 2017, reportedly leading the investment.
The 2017 round also featured Liberty Global Ventures, Shaw Communications subsidiary Shaw Ventures, Samsung Venture Investment Corporation and Presidio Ventures – representing electronics manufacturer Samsung and conglomerate Sumitomo respectively.
Liberty Global Ventures, Shaw Ventures and Jackson Square Ventures are among Plume’s earlier investors, the company having received $4.7m in funding in 2016 according to regulatory filings.
