Puls Technologies, a startup providing in-home technology repair and installation, raised US$50 million in the latest round of funding, led by Temasek, an investment fund associated with the government of Singapore.
Puls’ previous investors, including Sequoia Capital, Red Dot Capital Partners, Samsung NEXT and Viola Ventures, also all participated in this new round of financing.
The company offers a platform that matches consumers with technicians in one hour, seven days a week. Technicians on Puls will answer installation or repair requests for gadgets at home, from smartphones, smart TVs to garage door openers and smart home devices. Puls’ service has brought a new life cycle for connected devices and appliances in the industry.
With 2,500 technicians on the network, Puls’ service has been offered in 50 cities in the United States. The company raised a total of US$93 million to date, and the latest round marked the largest funding in Puls’ history.
The company plans to use the new fund to add more verticals like home appliances next year, with a goal of reaching 80% of U.S. population and becoming a well-known household brand.
The funding of Puls shows a company capitalizing on two global trends: increasing consumer expectations for on-demand services and wide adoption of connected devices at home.
Puls estimated the on-demand home services market will reach over US$400 billion, and the number of connected devices will reach 11 billion globally in 2018. The number may double by 2020.
Founded in 2015, Puls started out providing on-demand services for smartphones and tablets before expanding into other home products over time as connected devices grew at home. It rebranded its company name from CellSavers to Puls in 2017.
Puls’ current competitors include Home Advisor, Geek Squad and local repair shops. Amazon also launched similar services in the U.S. last year.