Silver Spring Networks


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Silver Spring Networks is a provider of smart grid products, headquartered in San Jose, California, with offices in Australia, Singapore, Brazil, and the United Kingdom. Besides communications devices, Silver Spring Networks develops software for utilities and customers to improve energy efficiency. Founded in 2002 backed by venture capital, Silver Spring Networks went public on the New York Stock Exchange on March 13, 2013. Silver Spring Networks was founded in July 2002 as Real Time Techomm in Butler, Wisconsin, near Milwaukee. Original founders included Eric Dresselhuys who had worked on related technology since 1995, and Keith Burge. In 2002, funding came from Denver angel investor Jack Thompson. The company adopted the name of the street in Milwaukee of its original office and was relocated to Redwood City, California in 2003 with an $8 million investment from Foundation Capital. Ray Bell became interim CEO and chief technology officer, but left to found Grid Net in 2005. Other investors included Northgate Capital, Kleiner Perkins Caufield & Byers and Google. The company moved its headquarters to San Jose in 2016. The first large pilot deployment was started in 2007 with Florida Power & Light (FPL) in southern Florida. In 2008, Pacific Gas and Electric Company (PG&E) signed an agreement to provide the companys smart meters, and remained the largest customer for at least several years. In early 2011, some speculated that Cisco Systems might buy the company. However, Cisco had already invested in rival Grid Net in 2010. On July 7, 2011, Silver Spring Networks filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $150 million in an initial public offering. Silver Spring Networks went public under the listing symbol SSNI on the New York Stock Exchange on March 13, 2013, raising about $81 million.