Jackson, MS, Oct. 14, 2005 — SmartSynch, a provider of wireless smart metering technology for the energy industry, announced 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 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. The relationship with Battelle Ventures and Oak Ridge provides SmartSynch with significant opportunity to expand its research and development efforts.
“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,” said Stephen D. Johnston, SmartSynch’s chief executive officer.
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.
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.