Silver Spring Networks, a Redwood City, California-based provider of Smart Grid technology solutions, announced ealier this week that it received a $75 million round of funding. This round, a portion of which has been reserved for strategic partners, was led by Kleiner Perkins Caufield & Byers (KPCB) Green Growth Fund and included returning investors Foundation Capital, JVB Properties, and Northgate Capital. Ben Kortlang, co-manager of KPCB’s Green Growth Fund, will join the Silver Spring Networks Board of Directors and KPCB Partners John Doerr and Al Gore will join the Silver Spring Networks Advisory Board.
"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. "We are pleased that our systems and services are gaining such strong customer traction, and it’s great to have KPCB as an investor."
"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 the clear technology leader and Kleiner Perkins’ investment will help them expand globally."
"Silver Spring Networks has the only true Smart Grid platform which has been proven at scale," said KPCB Partner Ben Kortlang. "We believe Silver Spring’s technology will drive the deployment of the Smart Grid globally. Kleiner Perkins is proud to be an investor in this important company."
"This investment from Kleiner Perkins is a testament to Silver Spring’s technology and industry leadership," said Adam Grosser, Foundation Capital Managing Partner and founding investor.
Silver Spring Networks current customers include Florida Power & Light Company, Pacific Gas and Electric Company, Modesto Irrigation District, Oklahoma Gas & Electric, and Consumers Energy.
For more information:
- Silver Spring Networks – Home page
- Kleiner Perkins Caufield & Byers Leads $75 Million Investment in Silver Spring Networks, Smart Grid Technology Leader (October 7, 2008)
- Kleiner Perkins Caufield & Byers Expands Greentech Initiative with $500 Million Green Growth Fund and $700 Million KPCB XIII Fund (Green VC)