Friday, May 23, 2008

SmartSynch, a global leader in public wireless smart metering technology has raised $20 million dollars

What Company Is Offering:
SmartSynch’s SmartMeters represent future-proof investments in technology. The standards-based IP connectivity enabled in every SmartMeter deployed makes them adaptable and remotely upgradeable to support today’s sensor and communications needs, as well as tomorrow’s opportunities, better than any alternative.

How Much They Got From VCs:

SmartSynch, a global leader in public wireless smart metering technology, announced today that it has raised $20 million dollars in expansion financing. New investor Credit Suisse, a leading international financial institution based in New York, invested in the financing through its Customized Fund Investment Group. This round also provided an opportunity for a new investor, Southern Farm Bureau Life Insurance Company, to participate in SmartSynch’s success, along with a host of existing investors, such as: Battelle Ventures, Beacon Group, Endeavor Capital Management, GulfSouth Capital, Innovation Valley Partners, Kinetic Ventures, OPG Ventures and Siemens Venture Capital. To date, SmartSynch has raised a total of $80 million since its inception in 2000. It will use this latest round to fund working capital growth, expand market presence and accelerate the product roadmap for new Advanced Metering Infrastructure (AMI) and Smart Grid Intelligence solutions.

“Utilities are deploying smart meter technology at a rapid rate to avoid the difficulty of building and permitting new power plants, to prepare for impending carbon regulation and more importantly because managing electricity use at a granular level opens up new business opportunities with customers,” said Nadim Barakat, a Managing Director in Credit Suisse’s Customized Fund Investment Group. “We chose SmartSynch because of its deep customer base, innovative technology and compelling value proposition for utilities looking to gain the highest possible return on investment in smart meter systems.”


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