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Smart grid firm Silver Spring raises USD100m
California-based Silver Spring Networks has raised USD100m in equity funding from institutional investors including existing backers Google Ventures, Foundation Capital, Kleiner Perkins Caufield & Byers and Northgate Capital.
Deal Details
- Status completed
- Amount US$100m
- Target Silver Spring Networks
Founded in 2007, the firm develops IP-based infrastructure to support the use of smart metering, demand response and distributed energy generation over a single, integrated network. Silver Spring is rumoured to be planning a public offering next year, though management has declined to comment.
The firm will use the funding to develop next generation smart grid initiatives, which could include home area networks and electric vehicle-related technology. To date, it has raised around USD275m in five rounds.
In September, Silver Spring paid an undisclosed sum to acquire Greenbox Technology, a developer of energy monitoring software. Earlier this year, the firm teamed up with Australian utilities Jemena Electricity Networks and United Energy Distribution to help deploy an advanced metering infrastructure program in Victoria, Australia. The deal was Silver Spring’s first outside of the US, where it has penned contracts with utilities including Pepco, American Electric Power and Florida Power and Light.
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