Smart home tech firm Plume raises $270 million, now valued at $1.35 billion

(Reuters) - Plume, a technology firm that helps improve home WiFi and internet security as everything from coffee machines to door bells go online, said on Tuesday it had raised $270 million from private equity firm Insight Partners, valuing the company at $1.35 billion.

Plume’s technology is in over 22 million households around the world, and the service is offered through communications service providers like Comcast, co-founder and Chief Executive Fahri Diner told Reuters.

He said communication service providers use Silicon Valley-based Plume to help improve the home internet experience - from tools for parental control to expanding WiFi range in the home to cyber security of connected devices.

“Business was good even before COVID because in-home connectivity, security, parental controls and so on is sort of bread and butter for a lot of people,” Diner said.

“Because of COVID now you have a lot of knowledge workers ... millions and millions of single-person offices where reliable connectivity in every corner of your home is an absolute must have. Security is an absolute must have.”

Diner said the funding will be used to invest heavily in research and development and grow the business globally.

Reporting by Jane Lanhee Lee; Editing by Stephen Coates