Silver Spring Getting $12M Private Placement from Foundation
September 19, 2012
Foundation Capital will purchase shares of common stock from Silver Spring Networks through a private placement valued at $12 million, at a price per share equal to the company's IPO price. Foundation is the company's largest shareholder with a 41% pre-IPO stake. In July 2011, Silver Spring filed to raise up to $150 million in its IPO, but the latest revisions to its S-1 do not include a target. Silver Spring's smart grid platform provides metering devices, in-home devices, distribution automation devices and network infrastructure for electric, gas, and water utilities. The cleantech company has raised $319.8 million in combined debt and equity funding to date. In addition to Foundation, the company is backed by Kleiner Perkins Caufield & Byers (9.7% stake), Cross Creek Capital, Google Ventures and Draper Fisher Jurvetson, among various other venture capital and strategic investors.