Silver Spring, wireless metering co. for utilities, raises $10.5M

April 30, 2007 | Matt Marshall

Silver Spring Networks, a San Mateo, Calif. company that allows utilities to use wireless technologies to meter power and other usage, has raised $10.5 million in debt and warrants, according to a filing with the Securities and Exchange Commission cited by VentureWire.

By allowing for remote, off-site metering, the company’s software helps utilities save costs by reducing the need for field service. The company recently signed a customer deal with the Florida Power and Light Co.

According to the VentureWire, firms owning at least 10 percent of the company include Foundation Capital and JVB Properties, both of which invested in 2003. It’s unclear which investors participated in the latest round.

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About the Author, Matt Marshall

Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.