JACKSON – SmartSynch has closed an additional round of funding with its existing investors. The syndicate of investors included JP Morgan Partners, Kinetic Ventures, Lime Rock Partners, Nth Power,OPG Ventures, Siemens Venture Capital and members of the company’s management team.
To date, SmartSynch, a provider of smart metering solutions to the energy and utility industry, has raised more than $35 million in venture capital financing.
“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.
In addition to its equity financing, SmartSynch increased its line of credit with Silicon Valley Bank to $3 million. The line of credit is used to fund capital expenditures and working capital.
Alan P. Spurgin, Southeast Division manager of Silicon Valley Bank, said, “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. We have supported the company through all phases of the growth cycle and look forward to a long-term financial partnership.
Copyright Mississippi Business Journal Jul 14, 2003
