Smart grid company gets US$75 million in venture capital

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A Silicon Valley company that develops smart-grid technology has received $75 million in new funding from venture capitalists. Silver Spring Networks, based in Redwood City, California, builds software and hardware that lets utility companies manage their power transmission and distribution networks more efficiently.

The company, founded in 2002, already provides its technology to Florida Power & Light Co and Pacific Gas and Electric Co. Kleiner Perkins Caufield & Byers led the latest round of financing through its US$500 million Green Growth Fund. Previous venture capital backers Foundation Capital and Northgate Capital also participated.

www.silverspringnetworks. com