SmartSynch Closes Additional Round of Funding6/30/2003
JACKSON, Miss., June 30, 2003 – SmartSynch, a leading provider of smart metering solutions to the energy and utility industry, today announced that it closed an additional round of funding with its existing investors. The syndicate of investors included JPMorgan Partners, Kinetic Ventures, Lime Rock Partners, Nth Power, OPG Ventures, Siemens Venture Capital and members of the company’s management team. To date, SmartSynch has raised over $35 million in venture capital financing.
“SmartSynch has established itself as the dominant provider of smart metering solutions to the energy industry. The Company has experienced significant growth, and we are enthusiastic about funding their product and market expansion,” said Jake Tarr, Managing Director of Kinetic Ventures.
“We have strong financial partners that understand the value SmartSynch is delivering to the utility industry. This funding enables us to expand our product offering, move into new markets like Mexico and Canada, and reach our financial goals,” said Mark Rodgers, CEO of SmartSynch. “Today, our SmartMeters capture over $4.0 billion in utility revenue, enable effective energy management solutions, provide key load research data, and improve customer service with power quality monitoring features. We are excited about the new and innovative products and services that we will be offering the utility industry.”
In addition to its equity financing, SmartSynch increased its line of credit with Silicon Valley Bank to $3.0 million. The line of credit is used to fund capital expenditures and working capital.
“SmartSynch has emerged as a leader in the rapidly growing energy technology sector. The company has a strong management team and its products are helping the energy industry improve customer service and increase profitability,” said Alan P. Spurgin, Southeast Division Manager of Silicon Valley Bank. “We have supported the company through all phases of the growth cycle and look forward to a long-term financial partnership.”
SmartSynch, an energy technology company based in Jackson, MS, is the leading provider of smart metering solutions to the energy and utility industry. Its core product, the SmartMeter System, enables energy and utility companies to communicate with commercial and industrial electricity meters using wireless communications and the Internet. The SmartMeter System manages the delivery of critical information to any application system, workstation, computer, or browser enabled personal communications device. For more information, visit www.smartsynch.com.
About Silicon Valley Bank
Silicon Valley Bank provides diversified financial services to emerging growth and mature companies in the technology and life sciences markets, as well as the premium wine industry. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients’ success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves more than 9,500 clients across the country through 27 regional offices. More information on the company can be found at www.svb.com.
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