Modo Energy, a London, UK-based software-as-a-service platform focused on data analytics for renewable energy assets, has secured $15 million in Series A funding.
SaaS Investors
The round was led by MMC Ventures, with participation from existing investors Triple Point Ventures, Fred Olsen Limited, and Catalyst Capital.
Founded in 2020, MMC is a venture capital fund investing in early-stage, high-growth UK companies at Seed and Series A. Based in London, MMC commits to a deep understanding of each company's underlying technology and business model to help make better decisions and be more effective partners.
Modo Energy Use of Funds
The company will use the funds to support its expansion plans, including entering the Texas and ERCOT markets, expanding across the US and Europe, and enhancing its product offerings.
About Modo Energy
Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy specializes in providing data analytics for renewable energy assets, with a particular focus on grid-scale battery energy storage systems. The company recently introduced Modo 2.0, an updated version designed to revolutionize revenue benchmarking and forecasting in battery energy storage. New features include long-term, bankable price forecasts, in-depth revenue comparisons and price indices, written research, educational materials, real-time market screens, and downloadable data. Its flagship products are Benchmarking Pro and Forecast Pro.
Funding Details
Company: Modo Energy Ltd.
Raised: $15.0M
Round: Series A
Funding Month: November 2023
Lead Investors: MMC Ventures
Additional Investors: Triple Point Ventures, Fred Olsen Limited, and Catalyst Capital
Company Website: https://modoenergy.com/
Software Category: Data Analytics Software for Renewable Energy Assets
Source: https://www.renewableenergyworld.com/storage/grid-scale/battery-storage-data-platform-modo-energy-raises-15-million-to-break-into-us-europe/