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More smart-grid money: Silver Spring Networks fills coffers

Silver Spring Networks, which is bringing IP networking to power grids, lands an additional $17.4 million in funding.

Smart-grid company Silver Spring Networks has raised $17.4 million, the latest in a string of investments in the sector.

Silver Spring Networks

Foundation Capital and Edison Electric Institute were the investors, according to VentureWire, which reported the news.

Silver Spring Networks does software and devices aimed at utilities that are looking to upgrade to smart-grid infrastructure.

The company makes devices on utility poles that can broker information over IP (Internet Protocol) from people's home smart meters and grid operation centers.

Utilities are starting to invest in advanced meters and networking to make power distribution more efficient and cut down on service costs.

For example, the software is designed to let utilities remotely trouble shoot problems or dial down energy usage during peak times in homes of people who choose to participate in energy-efficiency programs.

Three other smart-grid companies--Ambient, eMeter, and GridPoint--recently raised additional funding.