Smart grid company Silver Spring Networks is raising a $30 million round of debt and options, according to a filing. The company, which filed to go public this summer, has closed $24 million of that planned round and is looking to bring in another $6 million.
Silver Spring Networks has been planning a potential $150 million IPO, but the public markets haven’t been all that friendly this year. The third quarter of 2011 was one of the weakest IPO markets since the end of 2009, says a report released by the National Venture Capital Association (NVCA). In August it seemed like the IPO window slammed shut due to macroeconomic conditions like the European crisis and has remained difficult since then.
Update: Of the $30 million that I reported that smart grid company Silver Spring Networks is raising, $24 million of that has come from storage and IT giant EMC. And beyond the investment, EMC and Silver Spring Networks plan to work on analyzing utility data to make the grid more secure and run more smoothly.
The complete article can be found at Gigaohm - Silver Spring Networks raising $30M, despite planned IPO ...
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