Modo Energy has secured a $17m (£12.7m) growth funding package from CIBC Innovation Banking to invest in its platform and expand sales and marketing operations. London-based Modo Energy is an AI-powered benchmarking and valuation platform for energy storage and renewable assets that covers 15 energy markets. The new funding will
Kirstie Pickering
Modo Energy has secured a $17m (£12.7m) growth funding package from CIBC Innovation Banking to invest in its platform and expand sales and marketing operations.
London-based Modo Energy is an AI-powered benchmarking and valuation platform for energy storage and renewable assets that covers 15 energy markets.
The new funding will accelerate the evolution of Ko, the firm’s AI analyst, into a tool that runs data analysis and reporting from start to finish.
The firm will also continue to hire across its team of analysts, data scientists and engineers, and expand coverage into new markets.
CIBC Innovation Banking’s funding follows Modo Energy’s Series B six months ago, which was led by Molten Ventures with follow-on funding from MMC.
“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,” says Quentin Scrimshire, CEO and co-founder of Modo Energy.
“We’ll put this capital straight to work: in Ko, in our team, and in new markets. Raising $52m (£39m) 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.”
