SmartSynch News
SmartSynch® Attracts New InvestmentMississippi-based company raises $12M in venture capital; Leads to Collaboration with Oak Ridge National Laboratory Jackson, MS — October 18, 2005 SmartSynch, a global leader in wireless smart metering technology for the energy industry, announced today that it has received an additional $12 million in venture capital funding. SmartSynch also reported that Battelle Ventures, an investment firm whose sole limited partner is Battelle Memorial Institute, has become a company investor. Battelle Ventures joins a strong list of corporate and institutional investors that include JPMorgan Partners, Siemens Venture Capital, Kinetic Ventures, Nth Power, Endeavor Capital, OPG Ventures, Lime Rock Partners, Cinergy Ventures, and GulfSouth Capital. The Battelle Memorial Institute manages or co-manages five National Laboratories for the Department of Energy including Oak Ridge National Laboratory, which is the Department of Energy’s largest multipurpose energy laboratory, and one of the world’s leading scientific research centers. Renowned for its Manhattan Project history, ORNL today is home of the world’s largest civilian science project, the $1.4 billion Spallation Neutron Source, and other major science initiatives. The relationship with Battelle Ventures and Oak Ridge provides SmartSynch with significant opportunity to expand its research and development efforts. “Battelle Memorial Institute and Oak Ridge have a long history of conducting scientific research, particularly with emerging technologies,” said Stephen D. Johnston, SmartSynch’s chief executive officer. “Our smart metering technology complements Oak Ridge’s research in remote sensor technologies and the union of these research and development efforts will help SmartSynch to continuously innovate.” SmartSynch is a leading provider of wireless smart meters in North America having sold almost 90,000 at over 40 major utilities. SmartSynch’s core product, the SmartMeter System™ facilitates real-time acquisition of critical usage and rate data from electricity meters via public wireless networks and the Internet. During the last five years, SmartSynch has deployed more poly-phase meters with embedded wireless communications than all other companies combined with over 25,000 Megawatts and over $9 billion of annual revenue serviced by SmartSynch technology. Johnston said SmartSynch’s success in venture capital fundraising makes it one of Mississippi’s most well-funded private companies, and strategic alliances with various business, investment and research partners has strengthened its position as a global leader in smart metering. “As the focus on energy conservation becomes greater every day, smart metering technology will play an even more important role in the future plans of the energy industry. Our company will expand its already significant R&D efforts and continue to pioneer and shape the future landscape of our rapidly growing industry.” Oak Ridge’s remote sensor technology research focuses on low-cost and very low-power sensors, wireless micro sensor arrays, and related projects. In addition to smart metering technologies, remote sensor networks can also be used in a wide variety of applications and useful to energy-intensive industries, vehicles and transportation, law enforcement, homeland security, biotechnology and medicine. Since 1943, scientists at Oak Ridge National Laboratory have confronted issues vital to human life and its environment. With a recent $300 million modernization; the Spallation Neutron Source; DOE’s first nanoscience center; and what will soon be the world’s most powerful supercomputer, ORNL has re-emerged as one of the world's most influential science laboratories, equipped to address grand challenges such as global warming, national security, environment and energy issues.
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