Itron, Inc.

In 2002, in Wisconsin, founders Eric Dresselhuys and Keith Burge started a company with a vision to build the communications network for the aging electrical grid. Initially called Real Time Techomm, the company relocated to Silicon Valley in 2003, adopted the name Silver Spring Networks, and secured key early funding. Their goal was to create wireless mesh networks that allowed utility meters to transmit real-time energy data. This enabled utilities to manage power consumption efficiently and gave customers visibility into their usage. The company's technology, which essentially created an 'Internet of Important Things,' quickly gained traction. Major utilities like Pacific Gas and Electric Company (PG&E) and Florida Power & Light signed on for large-scale smart meter deployments. This success attracted significant investors, including Foundation Capital, Kleiner Perkins, and even Google. After years of building momentum, Silver Spring Networks went public in March 2013, raising $81 million in its IPO on the New York Stock Exchange. The final chapter of its independent story came in 2018. Itron, a major player in energy and water management, acquired Silver Spring Networks for approximately $830 million. The deal combined Itron's hardware and analytics with Silver Spring's robust networking platform, creating a powerhouse in the growing smart grid and smart city markets. The acquisition marked the culmination of Silver Spring's journey from a small Wisconsin startup to a key component of the global smart infrastructure.