Smart home services pioneer Plume has closed a new financing round of $85 million (€78.2m). This includes $60 million in Series D preferred equity and $25 million in debt financing, bringing Plume’s total funding to $127 million.
The new investor syndicate, including Charter Communications, Qualcomm, Belkin, and Service Electric Cablevision, took approximately 75 per cent of the Series D round. Existing investors, including Liberty Global and Shaw Communications also participated in the round. The debt facility was provided by Silicon Valley Bank and WestRiver Group. Andrew Ip, Senior Vice President, Emerging Technology & Innovation of Charter Communications joined Plume’s Board of Directors.
Led by Fahri Diner, Co-founder and CEO, Plume provides a Consumer Experience Management (CEM) platform as a cloud SaaS offering. Adopted by over 30 communications service providers including Comcast, Charter, and Armstrong in the US, Bell and Shaw Communications in Canada, Virgin Media, VOO, and Melita in Europe, and J:COM in Japan, the Plume platform enables the curation, delivery, support, and management of personalised Smart Home Services for consumers. The Smart Home Services category is a primary growth vector for forward-looking service providers looking to differentiate broadband offerings while improving customer retention.
“Our partnership with Plume has been critical to the success of Charter’s ‘Advanced In-Home WiFi’ roll-out and has enabled Charter to accelerate innovation and more rapidly deliver new features to our Spectrum Internet and WiFi customers – from the ability to optimize their home networks to greater control over their devices,” said Ip. “Charter has seen first-hand the technical innovation of the Plume team and is pleased to join Plume’s syndicate. I look forward to supporting the next phase of Plume’s expansion.”
“We’ve been enthusiastic investors and committed supporters of Plume since their Series A, and are now excited to partner with these industry leaders in the journey,” said Ankur Prakash, VP at Liberty Global Ventures and a board member of Plume. “It has been really satisfying to be a part of this incredible growth and such a talented team.”