Last August SmarthSynch CEO Stephen Johnston told us the company would likely be looking to raise more funds in 6-12 months. Right on schedule, his smart metering startup has raised $20 million in a round of funding led by a new huge investor, Credit Suisse. This brings the total financing for the Jackson, Miss.-based startup that was founded in 2000 to $80 million.
SmartSynch makes consumer-facing smart grid components. Their SmartMeter product, for example, keeps track of how much and when electricity is used by a consumer and beams that information back to the utility. The company uses existing wireless networks like GPRS, EVDO and Wi-Fi, and eventually will use networks like WiMax and 700 MHz, when they become available, the company says. This helps the utility better understand its customer’s demands and allows the power user to see when they can reduce electricity consumption to save money.
While SmartSynch wasn’t included in Silver Spring Network’s recently launched Technology Alliance Program, the company did join the GridWise Alliance, a consortium of big and small smart grid players, many of whom are working with Silver Spring as well. These partnership groups are aimed at allowing separate companies to tackle individual facets of smart grid development while helping to maintain interoperability.
SmartSynch plans to use the new funding to continue to expand its business and product offerings. In addition to Credit Suisse, the round included its long list of previous investors: Battelle Ventures, Beacon Group, Endeavor Capital Management, GulfSouth Capital, Innovation Valley Partners, Kinetic Ventures, OPG Ventures and Siemens Venture Capital.
Graphic courtesy of SmartSynch.