Hachiko secures $2.5m seed round to scale software for battery storage
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The news: Battery optimisation startup Hachiko has closed a $2.5 million seed round led by Archangel, with participation from Twynam, Investible, Motion Capital, Electrifi Ventures and Wattle Hill Capital.
The context: Hachiko's software, built for commercial and industrial (C&I) battery storage projects, is an optimisation portfolio management platform that aims to help users double portfolio viability and deliver greater that 75% revenue uplift across multiple energy markets.
The new capital will be used to grow Hachiko’s technical and go-to-market teams as well as deepening and expanding platform capabilities.
What they said: “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,” said Hachiko founder and CEO Rakhesh Martyn.
“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.”
Archangel partner Rayn Ong commented: “When we met Rakhesh, we were very impressed. Every reference we ran across the energy and battery worlds came back incredibly positive. This is a blue-ocean opportunity and every asset in this segment will need a software layer to manage. Early signals are strong and the founder-market fit is obvious.”
The source: Hachiko media release
