Modo Energy has raised over £1 million in investment to help it scale up its energy data analytics software.
The start-up, which launched in 2019, secured the investment as part of a ‘Seed+’ funding round from both new and existing investors including founder of BloombergNEF Michael Liebreich.
Co-founder and CEO of Modo Energy Quentin Scrimshire said that although it had only been 10 months since Modo launched its platform in BETA, “we’re already seeing Modo’s datasets and analytics add tons of value across operations, asset management and transactions".
“This investment enables us to keep pushing the boundaries of innovation, accelerate software development and build amazing features that we’re incredibly excited to share with our users. Watch this space.”
Companies such as battery storage firm Sembcorp Energy UK have now subscribed to use Modo’s software.
Modo’s platform includes asset performance benchmarking, optimiser revenue leaderboards and ancillary market analysis services. This includes data on frequency response services such as Dynamic Containment, with the company’s lead data scientist Alex Done speaking to Current± last year about the competitive service.
Scrimshire added that batteries and flexibility were “transformational technologies” but more data needs to be leveraged to “unlock their true potential”.
“We build cutting edge analytics tools and get the right information into the hands of the people that need it most: the people delivering the energy transition.”