Friday, 17 October 2008

Silver Spring Networks raises $75 million from VCs

Silver Spring Networks, a provider of smart grid technology solutions, has received $75 million VC funding, led by Kleiner Perkins Caufield & Byers' (KPCB) Green Growth Fund.

The new funding, a portion of which has been reserved for strategic partners, included returning investors Foundation Capital, JVB Properties, and Northgate Capital.

The investment will help Silver Spring Networks to expand globally, according to John Doerr, KPCB Partner.

KPCB stated that Silver Spring Networks has the only true smart grid platform "which has been proven at scale". The technology allows utilities to enhance the reliability and quality of their services while at the same giving them the potential to better utilise power generating capacity, reduce carbon emissions, and improve operating efficiency.

The company's technology, which is based on the Internet Protocol suite, also enables consumers to become informed participants in managing energy consumption.

Silver Spring Networks provides its technology, systems, and services to customers including Florida Power & Light Company, Pacific Gas and Electric Company, Modesto Irrigation District, Oklahoma Gas & Electric, Consumers Energy, and others.

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