Modo Power, a tech agency constructing software program to worth electrification belongings, is planning to quickly increase its enterprise off the again of a £25m Collection B funding.
At the moment working in 5 markets, Modo Power plans to increase to twenty after securing its lates capital injection.
The agency is creating AI-powered software program programs to assign valuations to electrification belongings together with batteries, renewables, knowledge centres and versatile masses.
Its benchmarks, forecasts and modelling outputs are at the moment utilized by numerous asset homeowners and operators, with the corporate hoping to determine valuation requirements within the sector.
“We’re constructing the benchmarking and valuation working system for international electrification – and AI is central to that mission,” mentioned Modo co-founder and chief govt Quentin Scrimshire.
“As a result of we personal our whole modelling stack, we are able to ship AI-powered, explainable valuation workflows that change static evaluation with dynamic intelligence programs. It’s a privilege to help our clients with instruments worthy of the selections they’re making.”
The Collection B funds will help the hiring of engineers, knowledge scientists and buyer help employees because it scales its platform throughout batteries, photo voltaic, wind, knowledge centres and versatile masses.
The funding was led by Molten Ventures and consists of participation from ETF Companions, MMC Ventures Fred. Olsen Restricted.
“AI has the potential to rework how the world values and funds electrification. Modo Power is uniquely positioned to guide this shift as a result of it owns your entire modelling stack and has already established the belief required throughout the monetary ecosystem,” mentioned Molten Ventures head of local weather George Chalmers.
“We’ve been impressed by the crew’s deep sector experience, sturdy execution, and skill to embed their product into buyer workflows. We’re assured that Modo’s sturdy development, focus, and international ambition will place them because the benchmark for power market intelligence throughout Europe and past.”
The agency beforehand raised £3.2m in a pre-Collection A spherical in 2022.
