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Kleiner Perkins Caufield & Byers Leads $75 Million Investment in Silver Spring Networks, Smart Grid Technology Leader

Investment to Fund Company's Global Expansion

Menlo Park, Calif., and Redwood City, Calif., October 7, 2008 - Kleiner Perkins Caufield & Byers (KPCB) and Silver Spring Networks, a leading provider of Smart Grid technology solutions, announced today that KPCB’s Green Growth Fund led a $75 million investment round into Silver Spring Networks.  The new funding, a portion of which has been reserved for strategic partners, included returning investors Foundation Capital, JVB Properties, and Northgate Capital.

“Kleiner Perkins has a proven track record of backing winning technology companies that go on to be global leaders,” said Scott Lang, President and CEO of Silver Spring Networks. “We are pleased that our systems and services are gaining such strong customer traction, and it’s great to have KPCB as an investor.” 

“Implementation of the Smart Grid is one of the most important clean technology initiatives of the coming decade,” said John Doerr, KPCB Partner. “Silver Spring has emerged as the clear technology leader and Kleiner Perkins’ investment will help them expand globally.”

Silver Spring Networks is the leading provider of Smart Grid technology, systems, and services. The company’s unique technology allows utilities to enhance the reliability and quality of their services while at the same giving them the potential to better utilize power generating capacity, reduce carbon emissions, and improve operating efficiency. The company’s technology also enables consumers to become informed participants in managing energy consumption. 

“Silver Spring Networks has the only true Smart Grid platform which has been proven at scale,” said KPCB Partner Ben Kortlang. “We believe Silver Spring’s technology will drive the deployment of the Smart Grid globally. Kleiner Perkins is proud to be an investor in this important company.”

“This investment from Kleiner Perkins is a testament to Silver Spring’s technology and industry leadership,” said Adam Grosser, Foundation Capital Managing Partner and founding investor. 

Ben Kortlang, co-manager of KPCB’s Green Growth Fund, will join the Silver Spring Networks Board of Directors while KPCB Partners John Doerr and Al Gore will join the Silver Spring Networks Advisory Board.

Silver Spring Networks provides its Smart Grid technology, systems, and services to customers including: Florida Power & Light Company, Pacific Gas and Electric Company, Modesto Irrigation District, Oklahoma Gas & Electric, Consumers Energy, and others.

About Silver Spring Networks

Silver Spring Networks is a leading smart grid networking platform technology and solutions provider. We have connected over 10 million homes and businesses throughout the world with the goal of achieving greater energy efficiency for the planet. Our innovative products enable utilities to gain efficiencies,integrate renewable energy sources and empower customers to monitor and manage energy consumption. Silver Spring Networks’ utility clients include Baltimore Gas & Electric, CitiPower & Powercor, Florida Power & Light, Jemena Electricity Networks Limited, Pacific Gas & Electric and Pepco Holdings, Inc. among others.  For more information please visit www.silverspringnet.com.

About Kleiner Perkins Caufield & Byers

Since its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in over 500 ventures, including AOL, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Lotus, Sun Microsystems, Symantec, Verisign and Xilinx. KPCB portfolio companies employ more than 250,000 people. More than 150 of the firm's portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions. The firm has offices in Menlo Park, California; Beijing, China; and Shanghai, China. For additional information visit, www.kpcb.com.

Media Contact:
Silver Spring Networks
Lisa Magnuson
lisamag@silverspringnet.com
415-531-9199

KPCB
Jennifer Graham Burson-Marsteller for KPCB
jennifer.graham@bm.com
(415) 591-4016