Friday Fundings: Plume, Truvian, and Anuvia Plant Nutrients
Connected Home Company Raises $270 Million
Plume, a software platform that helps users run their connected homes, just raised $270 million in a Series E round led by Insight Partners. The company’s valuation is now $1.35 billion.
Plume’s platform helps curate services in people’s homes, like motion sensing, parental controls, and optimum Wi-Fi. The work from home boom has caused demand for Plume’s services to surge. The company currently provides services to about 22 million households—up from 20 million in December 2020. With its new funding, the company plans to grow its workforce, gain new customers, and invest in developing new products.
Truvian Raises $105 Million for Blood Testing
Truvian, a blood testing startup, raised $105 million in a Series C round. The company is building a blood analyzing tool, which it hopes to present to the FDA for clearance by the end of the year. The device can run 36 common tests like blood count, kidney function, and glucose levels.
Like other healthcare startups, Truvian has attracted investor interest during the pandemic. But some investors are wary of the blood testing sphere after the rise and fall of Theranos, a startup which defrauded investors and claimed it could run tests on a single drop of blood. However, many investors see Truvian as very different from Theranos because it is seeking regulatory approval at every stage of its development.
Sustainable Fertilizer Maker Secures $103 Million
Anuvia Plant Nutrients is a startup developing sustainable, bio-based fertilizers from materials like livestock waste and food waste. The company recently secured $103 million in a Series C round co-led by TPG ART and Pontifax AgTech.
Investor interest in agricultural technology has surged over the past five years. Since 2015, venture capitalists have put roughly $15.7 billion behind agricultural technology (or agtech) companies worldwide.
Anuvia plans to use its new funding to improve its Florida production facility and form new partnerships with farmers and companies around the world. Anuvia’s products are already used on some US farms. The company hopes to have its fertilizers used on 20 million acres of farmland by 2025.
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