Tech startup Plume announced that it has raised over $300 million, mostly from SoftBank Group Corp Vision Fund 2. This round of fundraising has boosted the company’s value to $2.6 billion. The Silicon Valley-based company, which aims to provide consumers with a better Wi-Fi experience, built the world’s first SaaS experience platform for Communications Service Providers (CSPs) and their subscribers.
Plume’s last round of fundraising came eight months ago, when the startup raised $270 million. Since then, Plume’s valuation has nearly doubled.
Currently, the company supplies its technology to 35 million homes around the world. This includes a network of 1.2 billion gadgets, ranging from smartphones to laptops, tablets, smart light bulbs and smart fitness equipment.
Chief Executive Fahri Diner had the following the say on SoftBank’s decision to back Plume: “Unlike perhaps many of their other investments, their day job is very much related to what we do.”
SoftBank Investment Advisors’ managing director Nagraj Kashyap agreed with the sentiment, stating: “I think already we are seeing the fruits of that [the investment].”
According to Diner, the newly-acquired funds will be put towards driving research on future product offerings, accelerating business growth, and potential acquisitions.
