Hachiko, a startup that builds optimisation software for industrial battery energy storage systems (BESS), has raised $2.5 million in Seed funding.
The round was led by Archangel Ventures, with participation from Twynam, Investible, Motion Capital, Electrifi Ventures, and Wattle Hill Capital.
The new funding will help Hachiko grow its tech and sales teams and upgrade its platform.
Large battery projects can take up to six years to build, but commercial and industrial (C&I) battery systems can be completed in about two years. In the last three years, over $4.5 billion has been set aside for projects like these.
Hachiko’s software helps manage and optimize C&I battery portfolios. It can double portfolio viability and offer over 75% revenue uplift across different energy markets.
Founder and CEO Rakhesh Martyn said the company is helping renewable energy asset owners get higher returns through greater intelligence, flexibility, and control.
“We’ve built ~4GW of utility-scale batteries since 2017, which makes the industry’s proposed 120GW in the next decade nothing more than a pipe dream,” he said.
“The C&I and broader distributed battery segment is moving faster than anything we’ve seen in the last decade, driven by an ~85% reduction in capex through that time. Project developers and investors need tools that match that pace. Take their capital and pipelines, give them Hachiko, and we’ll smash through the 120GW in no time at all.
“I’m so happy and proud of the team for the work we’ve done this year, and grateful to our early customers for the backing they’ve given us. We wouldn’t be here today without them, and they’ve enabled us to bring some truly world-class investors on board. Now we can really get on with it!”
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