Monday, December 14, 2009

Silver Spring Networks Raises $100 Million for Smart Grid solutions

Silver Spring Networks, a start-up based in Redwood City, California, announced the closing of a $100 million preferred equity round to support its development of new smart grid applications.

The investment round was led by institutional investors and included existing investors Google Ventures, Foundation Capital, Kleiner Perkins Caufield & Byers and Northgate Capital.

Silver Spring provides the hardware, software and services that allow utilities to deploy advanced applications, including Smart Metering, Demand Response, Distribution Automation and Distributed Generation, over a single, unified network. Silver Spring's Smart Energy Platform is based on IP standards, allowing continuous, two-way communication between the utility and devices on the grid.

"We have a terrific opportunity to accelerate the development and deployment of next generation smart grid initiatives," said Warren Jenson, Chief Financial Officer of Silver Spring Networks. "At a time when world leaders have gathered in Copenhagen, we're honored to be partnering with some of the most progressive utilities in the world to address energy efficiency by building out the smart grid. We are pleased to have a great set of investors that share our vision."