SmartSynch Closes $23 Million Series B
Energy Technology Company Well Positioned to Address California Needs
Jackson, MS — April 17, 2001
SmartSynch, a leading provider of end-to-end wireless data solutions to the energy and utility market, today announced that it has raised $23 million in venture capital funding. Beacon Group Energy Funds, an affiliate of JPMorgan Partners, LLC, led the investment round. Other participants included Nth Power Technologies, Cinergy Ventures, Exelon Capital Partners, and JPMorgan Partners. Kinetic Ventures and Siemens Venture Capital, existing SmartSynch investors, also provided additional funding. New board members, Bryan Martin of JPMorgan Partners and Nancy Floyd of Nth Power Technologies were also announced.
"This successful round of financing allows us to build on our solid foundation as a leading provider of enterprise wireless data solutions to the energy and utility market. Our energy technology solutions are providing key load research, energy management, load curtailment and power quality monitoring solutions," said Mark Rodgers, CEO of SmartSynch. "With this funding, we can aggressively respond to the challenges confronting the electric utility market and further expand our solution capabilities.
SmartSynch Closes $23 Million Series B
"We are excited to partner with SmartSynch," said Bryan Martin, JPMorgan Partners. "The energy technology sector is undergoing a fundamental transformation which presents tremendous market opportunity for enabling technologies such as SmartSynch's. The energy problems confronting utilities and the state government in California evidence the great demand for SmartSynch's solutions."
About SmartSynch
SmartSynch is an energy technology company providing enterprise wireless data solutions that enable two-way communication among commercial and industrial meters and other remote corporate assets. SmartSynch offers a total energy and utility solution enabling anytime access to data embedded in remote commercial and industrial meters. For more information, contact Nola Nicholas, (601) 206-9313 ext. 1013, nnicholas@smartsynch.com , or visit the Web site at www.smartsynch.com.
About Beacon Group Energy Funds
The Beacon Group Energy Funds, an affiliate of JPMorgan Partners, are a group of private equity funds devoted exclusively to the energy industry. The Beacon Funds are leading investors in energy technology and utility infrastructure and have been a source of capital for opportunities across the energy industry such as extraction (coal and hydrocarbons), oilfield services, transportation (shipping and pipelines), and refining. JPMorgan Partners (formerly Chase Capital Partners) is one of the largest global private equity organizations with over $24 billion under management. JPMP and its affiliates have over $2.0 billion committed in the energy and power sectors. For more information, visit the Web site at www.jpmorganpartners.com.
About Cinergy Ventures
Cinergy Ventures, LLC is the venture investment arm of Cinergy Corp., one of the nation's leading diversified energy companies. Cinergy Ventures' mission is to invest in companies developing emerging energy technologies that will create both strong financial returns and strategic business development opportunities for the existing Cinergy business units. To date, Cinergy Ventures has a portfolio of over $100 million in direct private investments and funds. For more information, visit the Web site at www.cinergy.com.
About Exelon Capital Partners
Exelon Capital Partners based in Philadelphia, Pa., is the corporate venture capital subsidiary of Exelon Corporation (NYSE: EXC), the nation's largest electric utility, formed through the merger of PECO Energy Company and Unicom Corporation. Its charter is to aggressively identify new growth opportunities, technologies and business models with strategic applications closely aligned with the parent company's businesses. The investment mix includes energy services and technologies, communications services and infrastructure and enterprise solutions. For more information , visit the Web site at www.exeloncapitalpartners.com.
About Kinetic Ventures
Kinetic Ventures is a leading provider of capital to entrepreneurial companies addressing growth markets related to communications, Internet and customer service. The principal focus is on investments in technology segments critical to deregulating utility companies. Kinetic Ventures' strong track record includes investments in Ciena, Cerent, Corvis, NetCore Systems, Peace Software, Ramp Networks and VerticalOne. Kinetic Ventures has offices in Chevy Chase, Maryland and Atlanta, Georgia. For more information, visit the Web site at www.kineticventures.com.
About Nth Power Technologies
Nth Power Technologies is a venture capital firm focused on high-growth investment opportunities arising from the restructuring of the global energy utility marketplace. The fundamental changes taking place in the $900 billion global energy utility industry have given rise to many venture capital investment opportunities, and Nth Power has emerged as a leading source of venture capital for this sector. The firm is managed by a professional investment team with extensive experience growing successful companies in the energy and communication fields and managing venture capital funds. For more information, visit the Web site at www.nthfund.com.
About Siemens Venture Capital
Siemens Venture Capital (SVC), a subsidiary of Siemens AG, is the corporate venture organization for all of Siemens' venture activities worldwide. SVC identifies and funds investments in emerging and innovative technologies and dynamic growth areas that are within the business scope of Siemens, including information technology, telecommunications, industrial automation, medical engineering and automotive technologies. Siemens Venture Capital maintains a special focus on funding the high-potential areas of network infrastructure, wireless and broadband access technologies, e-business solutions for the healthcare and utility services industries and multimedia communication. With offices in the world's innovation "hot spots" - Silicon Valley, Boston, Munich and Tel Aviv - Siemens Venture Capital manages more than $200 million in assets. For more information, visit the Web site at www.siemensventurecapital.com.
| SmartSynch and SmartSynch logo are registered trademarks of SmartSynch, Inc. All other companies and products listed herein are trademarks or registered trademarks of their respective holders. |
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