SmartSync picks up $20 million for smart grid expansion plans
It must be nice to be a smart grid company at the moment. Everyone’s lauding your products, there’s a bright future ahead, you just snap your fingers and there’s some lucky devil wanting to throw cash at you. Greenbang warrants that if smart grid companies wanted to request that all their M&Ms came with all the blue ones taken out, someone would extract them. That’s how popular smart grids are right now.
The latest evidence? Smart grid bunch SmartSynch has just received $20 million in its latest round of funding.
Credit Suisse’s Customized Fund Investment Group has joined in investing for the first time, as has Farm Bureau Life Insurance Company, while existing investors like Battelle Ventures, Beacon Group, Endeavor Capital Management, GulfSouth Capital, Innovation Valley Partners, Kinetic Ventures, OPG Ventures and Siemens Venture Capital all came back to SmartSync with wallets out. So far, SmartSynch has received $80 million in funding.
SmartSynch says the money will “fund working capital growth, expand market presence and accelerate the product roadmap for new Advanced Metering Infrastructure (AMI) and Smart Grid Intelligence solutions”.
The company’s raison d’être is selling wireless smart grid systems, which “measure how much and when electricity is consumed”. The idea behind all this is that consumers realise where they’re hogging energy and cut down, while utilities find out where and how to better balance energy loads and find leaks, with information relayed over mobile networks. Smart huh?
