California: Kleiner Perkins Caufield & Byers (KPCB) and Silver Spring Networks, a provider of Smart Grid technology solutions, announced that KPCB's Green Growth Fund led a $75 million investment round into Silver Spring Networks. The new funding, a portion of which has been reserved for strategic partners, included returning investors Foundation Capital, JVB Properties, and Northgate Capital.

"Kleiner Perkins has a proven track record of backing winning technology companies that go on to be global leaders," said Scott Lang, President and CEO of Silver Spring Networks.

"Implementation of the Smart Grid is one of the most important clean technology initiatives of the coming decade," said John Doerr, KPCB Partner. "Silver Spring has emerged as one of the clear technology leaders and Kleiner Perkins' investment will help them expand globally," he added.

Silver Spring Networks is the leading provider of Smart Grid technology, systems, and services. The company's unique technology allows utilities to enhance the reliability and quality of their services while at the same giving them the potential to better utilize power generating capacity, reduce carbon emissions, and improve operating efficiency. The company's technology also enables consumers to become informed participants in managing energy consumption.

Ben Kortlang, co-manager of KPCB's Green Growth Fund, will join the Silver Spring Networks Board of Directors while KPCB Partners John Doerr and Al Gore will join the Silver Spring Networks Advisory Board.