Modo Energy, a London-based cleantech company specializing in artificial intelligence-driven energy analytics, has closed a €14.9 million growth funding round led by CIBC Innovation Banking. The investment brings the company’s total funding to €45.5 million since its founding in 2019.
The capital injection underscores growing investor confidence in digital tools that help financial institutions and energy companies make better decisions around renewable energy and battery storage assets. Modo Energy’s platform combines benchmarking and valuation capabilities, enabling stakeholders to assess the performance and potential of these increasingly important infrastructure investments.
Scaling the Platform and Team
The company plans to deploy the new funding across multiple strategic priorities. Investment will target enhancement of its core AI platform, known as Ko, alongside expansion of its sales and marketing capabilities. Additionally, Modo Energy intends to accelerate product development and strengthen its technical workforce by hiring additional analysts, data scientists, and engineers.
Quentin Scrimshire, representing the company, outlined the firm’s philosophy in a statement: “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. We’ll put this capital straight to work: in Ko, in our team, and in new markets.”
Market Opportunity in Energy Transition
The investment reflects broader momentum in the cleantech sector, particularly around tools that improve financing and valuation of renewable energy infrastructure. As European nations accelerate their transition away from fossil fuels, the ability to accurately assess and compare renewable energy and storage assets has become increasingly critical for project developers, financial institutions, and energy traders.
CIBC Innovation Banking’s decision to lead the round signals confidence in Modo Energy’s approach to this market challenge. The Toronto-headquartered bank, which focuses on growth-stage companies in technology and innovation sectors, appears to view the startup as a significant player in the infrastructure finance space.
European Cleantech Landscape
The funding announcement comes amid sustained investor interest in European cleantech startups, though capital deployment in the sector remains selective. Modo Energy’s success in securing backing from a major international financial institution reflects the startup ecosystem’s growing maturity and the critical role that data and analytics infrastructure plays in enabling Europe’s energy transition.
With €45.5 million in total funding, Modo Energy is now positioned among the better-capitalized cleantech companies focused on the software and analytics side of renewable energy deployment. The company’s trajectory suggests that investors continue to see significant opportunity in platforms that reduce friction and uncertainty in the financing and valuation of renewable assets across Europe and potentially beyond.