On March 6, 2008, KPCB announced the launch of the iFund with $100 million in venture capital to invest in companies developing applications and services for Apple’s innovative iPhone and iPod touch.
Investment to Fund Company’s Global Expansion
Menlo Park, CA and Redwood City, CA — October 7, 2008 – 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.
About Silver Spring Networks
Silver Spring Networks has created the technology, software and services to enable utilities to transmit and receive information from any point on the grid – also known as the Smart Grid. The Company’s patented technology enables our customers to enhance the reliability and quality of their services while at the same giving them the potential to better utilize their scarce power generating capacity, reduce carbon emissions and improve operating efficiency. The Company’s technology systems and services are based on the Internet Protocol (IP) suite. The Smart Energy Network addresses the challenges of running multiple applications and devices on a common infrastructure by using multiple transport technologies and empowers consumers to manage their energy more efficiently. This smarter, more efficient grid could cut the growth rate of worldwide energy consumption by more than half over the next 15 years and drastically reduce carbon emissions.
Silver Spring Networks was named a Technology Pioneer at the 2008 World Economic Forum in Davos, Switzerland, was named to the 2008 Red Herring 100 and the 2008 AlwaysOn Global 250 and was a recipient of the GoingGreen and Brilliant Innovation Awards in 2007. For additional information, visit www.silverspringnetworks.com.