October 12 (Businesshala) – Plum, a Silicon Valley-based startup aiming to deliver a better WiFi experience to consumers, said Tuesday it has raised $300 million from SoftBank Group Corp Vision Fund 2, and is now valued at $2.6 billion.
The latest funding round comes just eight months after Plume raised $270 million. It has nearly doubled its valuation since then.
Co-founder and CEO Fahri Diner said Plume has expanded its technology from 22 million to 35 million homes around the world over that period.
Plum’s service is offered through communications service providers such as Comcast, which use the technology platform to improve the Internet experience, including devices for parental control, extending WiFi range in the home, and connecting. Includes cyber security of devices.
About 1.2 billion gadgets are on the Plume platform, from phones to laptops to fitness bikes and smart light bulbs, the company said.
“Perhaps unlike many of his other investments, his day job is very much related to what we do,” Diener said in a phone interview about SoftBank’s large mobile and telecommunications business.
Diner said SoftBank contributed 90% of the $300 million investment.
While the investment is purely financial, both sides look forward to further strategic cooperation.
“I think we are already seeing the fruits of this,” said Nagraj Kashyap, managing director of SoftBank Investment Advisors, who joined Plum’s board. “We’ve made a substantial number of introductions that will hopefully lead to even more business for Plume.”
Diner said the funding will help fund potential acquisitions and research and development and accelerate growth. (Reporting by Jane Lanhy Lee Editing by Bill Burcrot)