No offense to Kermit the Frog, but apparently it is easy being green. Silver Spring Networks, a provider of smart grid technology, on Tuesday announced it received $75 million in a round of funding led by Kleiner Perkins Caufield & Byers. The new funding, a portion of which has been reserved for strategic partners, included returning investors Foundation Capital, JVB Properties, and Northgate Capital.
Silver Spring makes network operating systems that allow utilities to remotely monitor and control electricity over the Internet. It helps utility companies better utilize power generating capacity, reduce carbon emissions and improve operating efficiency, while consumers are provided information to help manage their energy consumption. Among its customers are Florida Power & Light Company, Pacific Gas and Electric Company, Modesto Irrigation District, Oklahoma Gas & Electric and Consumers Energy.
Ben Kortlang, co-manager of Kleiner Perkins' Green Growth Fund, will join the Silver Spring Networks board while KPCB Partners' John Doerr and Al Gore will join the Silver Spring Networks advisory board.
Silver Spring is the latest smart grid startup to receive funding. In August, smart meter technology maker Trilliant hauled in $40 million in VC financing.-- David Shabelman
See Oct. 7 press release from Silver Spring Networks
See Aug. 20 post from Tech Confidential
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