Modo Energy Raises $17 Million to Scale Its AI Energy Valuation Platform

Jan de Vries · 2026-07-22

### A Big Bet on AI in Energy Modo Energy, a London-based company that uses AI to benchmark and value energy storage and renewable assets, just landed a $17 million growth funding package from CIBC Innovation Banking. That brings their total funding to a hefty $52 million. It's a clear sign that investors are betting big on the role of data and AI in the energy transition. ### The Funding Details The new capital comes from CIBC Innovation Banking, and it's the largest single commitment Modo Energy has ever received. This follows their Series B round six months ago, which was led by Molten Ventures with help from MMC. Before that, they raised $15.5 million in Series A funding back in November 2023. So yeah, they've been on a roll. ### What the CEO Says "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," said 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 $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." ### The Company's Mission Founded in 2019 by Quentin Scrimshire and Tim Overton, Modo Energy gives energy and infrastructure teams the tools they need to make bankable decisions. They claim to be the world's only FCA-regulated benchmark provider for battery energy storage. That's a big deal because it means their data is trusted for project finance, investment due diligence, and operational strategy across the electrification space — including energy storage, renewables, and flexible loads. Their platform blends data, forecasts, and expert research into one purpose-built environment. It's designed to make complex decisions easier and faster. ### Meet Ko, the AI Analyst Modo Energy's AI analyst is named Ko. According to the company, Ko already answers users' most complex market questions, helps them compare their portfolio to any market in the world in seconds, and provides forecasts and insights. It's like having a team of analysts in your pocket. ### How They'll Use the Money Modo Energy plans to invest this funding into their platform and expand their sales and marketing operations. They also want to accelerate their evolution into a tool that handles data analysis and reporting from start to finish. So expect more features and more reach. ### Global Reach and Impact The company currently operates in 15 energy markets and serves over 200 companies in 30 countries. Their forecasts have supported financing for assets exceeding $3.8 billion. That's not chump change. They also plan to keep hiring across their team of more than 75 analysts, data scientists, and engineers, and expand into new markets. ### The Backer's Perspective "Modo Energy is building critical infrastructure for the energy transition – a trusted standard for valuing storage and renewable assets," said Sean Duffy, Managing Director and Market Lead at CIBC Innovation Banking. "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." ### About CIBC Innovation Banking Toronto-based CIBC Innovation Banking has 25 years of experience with growth-stage tech and life science companies across North America. They manage over $11 billion in funds, including those for life sciences, health care, and CleanTech companies. They've helped more than 700 venture and private equity-backed businesses over the past six and a half years. With 14 global locations — from San Francisco to London to Atlanta — they're well-positioned to support companies like Modo Energy.