Silver Spring Networks raises $100 Million financing
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Redwood City, California: Silver Spring Networks, a Smart Grid solutions provider, has raised $100 million in equity funding. The investment round was led by institutional investors and included existing investors Google Ventures, Foundation Capital, Kleiner Perkins Caufield and Byers and Northgate Capital. According to the company, the financing will be used for development of new smart grid applications, job growth and the continued expansion of Silver Spring's global footprint. The company claims that it enables utilities to achieve operational efficiencies, reduce carbon emissions and empower their customers with new ways to monitor and manage their energy consumption. Founded in 2002, Redwood City, California-based 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 open, Internet Protocol (IP) standards, allowing continuous, two-way communication between the utility and devices on the grid. Raj Vaswani is the Chief Technology Officer of the company. There are about 300 employees in the company. "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."

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