London-based Modo Energy has secured a $17 million growth funding package from CIBC Innovation Banking, marking the largest single commitment the company has received to date.
The new financing brings Modo Energy’s total funding to $52 million, six months after its Series B round led by Molten Ventures with follow-on backing from MMC. CIBC Innovation Banking is the lead backer in the latest capital.
Modo Energy develops an AI-powered benchmarking and valuation platform for energy storage and renewable assets. The company said it will use the funding to invest in its platform, expand sales and marketing, continue hiring across analysts, data scientists, and engineers, and enter new markets.
Part of the funding will also go toward developing Ko, Modo Energy’s AI analyst, as the company works to expand it into a tool that can handle data analysis and reporting from start to finish.
The raise comes as investors and operators in energy storage and renewables seek more standardized tools for valuation and decision-making across the energy transition.
The new financing brings Modo Energy’s total funding to $52 million, six months after its Series B round led by Molten Ventures with follow-on backing from MMC. CIBC Innovation Banking is the lead backer in the latest capital.
Modo Energy develops an AI-powered benchmarking and valuation platform for energy storage and renewable assets. The company said it will use the funding to invest in its platform, expand sales and marketing, continue hiring across analysts, data scientists, and engineers, and enter new markets.
Part of the funding will also go toward developing Ko, Modo Energy’s AI analyst, as the company works to expand it into a tool that can handle data analysis and reporting from start to finish.
The raise comes as investors and operators in energy storage and renewables seek more standardized tools for valuation and decision-making across the energy transition.