Silver Spring Networks is one company that doesn’t have to rebrand itself as a smart grid maker to benefit from the billions of dollars in stimulus funds likely to usher in a smart grid boom. Investors are still handing out funds to the so-called “Cisco of the smart grid.” The company confirmed with us yesterday (first reported by VentureWire) that it has raised an additional $15 million as part of a Series D round.
This latest funding, from a yet-to-be-disclosed investor, was added onto a $75 million round, announced back in October, that was led by Kleiner Perkins Caufield & Byers. To date the company has raised over $150 million in venture funding, making Silver Spring one of the better-funded cleantech firms out there.
You can expect investors to keep pumping money into startups that can add intelligence to the power grid. The stimulus package includes billions of dollars for installing 40 million smart meters and 3,000 miles of transmission lines, and utilities and grid operators will be looking for the latest innovative tech. Even before the stimulus bump, smart grid was a hot area for investors: Smart grid companies brought in a record $202 million in the third quarter of 2008, which included $120 million for Gridpoint, $40 million for Trilliant, $23 million for BPL Global, and $18.5 million for Eka Systems, according to the Cleantech Group.