Greentech Media

Kleiner Perkins Caufield & Byers (KPCB) and Silver Spring Networks, a leading provider of Smart Grid technology solutions, announced today 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. "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 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.

"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.

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.

Silver Spring Networks provides its Smart Grid technology, systems, and services to customers including: Florida Power & Light Company, Pacific Gas and Electric Company, Modesto Irrigation District, Oklahoma Gas & Electric, Consumers Energy, and others.