Modo Energy has secured a $17 million growth funding package from CIBC Innovation Banking to expand its AI-powered energy data and valuation platform. The financing brings the London-based company’s total capital raised to $52 million.
Modo Energy plans to invest the funding in its technology platform while expanding its sales and marketing operations. The company will also continue hiring across its team of more than 75 analysts, data scientists and engineers and extend its coverage into additional energy markets.
The financing represents the largest single capital commitment Modo Energy has received to date. It follows the company’s Series B round six months earlier, which was led by Molten Ventures with additional funding from MMC.
Modo Energy develops benchmarking, forecasting and valuation tools for battery storage and renewable energy assets. Investors, developers, owners and operators use the platform to assess project economics, support financing decisions and manage assets participating in energy markets.
The company’s products include Ko, an AI analyst that answers complex questions about energy markets. Modo Energy plans to develop Ko into a system capable of completing data analysis and reporting workflows from beginning to end.
The company believes more dependable forecasts can help lenders and investors evaluate energy projects with greater confidence. This can influence whether capital is committed to battery storage, renewable generation and other infrastructure supporting the energy transition.
Modo Energy currently covers 15 energy markets and serves more than 200 companies across 30 countries. The company said its forecasts have supported the financing of more than $3.8 billion in energy assets.
Founded in 2019, Modo Energy is also an FCA-regulated benchmark provider for battery energy storage. Regulatory oversight can be important when market participants use benchmarks and forecasts to support investment, financing and operational decisions.
The new capital arrives as the energy storage industry enters a period requiring significant infrastructure investment. Modo Energy plans to expand its geographic reach while strengthening the data, analytics and AI capabilities available to customers.
CIBC Innovation Banking provides financing to growth-stage technology and life sciences companies. The division manages more than $11 billion and has supported over 700 venture- and private equity-backed businesses during the past six and a half years.
KEY QUOTES:
“When forecasts are bankable, capital flows and projects get built. That’s the standard we hold ourselves to, and it’s why CIBC Innovation Banking is backing us.”
“We’ll put this capital straight to work: in Ko, in our team, and in new markets. Raising $52 million in six months, capped by CIBC Innovation Banking’s commitment, tells us the people who finance, build, and operate energy assets share our vision for the future.”
Quentin Scrimshire, CEO and Co-Founder of Modo Energy
“Modo Energy is building critical infrastructure for the energy transition, a trusted standard for valuing storage and renewable assets.”
“Its growth, and the confidence its customers place in it, reinforced our conviction in the business, and we look forward to supporting the team’s next chapter.”
Sean Duffy, Managing Director and Market Lead at CIBC Innovation Banking
