Silver Spring Networks Secures Another $100M

Dec 16 2009 | 11:07am ET

Silver Spring Networks has closed a $100 million preferred equity round led by institutional investors, including existing investors Google Ventures, Foundation Capital, Kleiner Perkins Caufield & Byers and Northgate Capital.

The California-based smart grid solutions provider says the financing will be used for development of new smart grid applications, job growth and the continued expansion of Silver Spring’s global footprint.

“We have a terrific opportunity to accelerate the development and deployment of next-generation smart grid initiatives,” said Warren Jenson, Silver Spring CFO. “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.”

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.

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