The Munich-based battery specialist TWAICE has today announced raising €11 million from early-stage venture capital investor Creandum and existing investors Cherry Ventures, UVC Partners and Speedinvest. The fresh funds will be used to further scale TWAICE’s software and power internationalization efforts.
TWAICE was founded in 2018 after four years of research at the Technical University of Munich, and has since become a top battery analytics software. TWAICE’s core technology is the digital twin – a software that uses AI to determine the “health” (e.g. aging and performance) of batteries. By using field data in combination with physical and data-driven battery models, TWAICE closes the loop between product development and application. But, even more so, the software also allows for new opportunities such as predictive maintenance and warranty extension. Operational failures can be detected — and prevented — in real time.
The trend towards more comprehensive electrical strategies by major mobility and energy players is driving TWAICE’s success. Due to increasing pollution regulation, manufacturers have put greater emphasis on developing electric, emissions-free vehicles and, as a result, efficient batteries. The increasing popularity of lithium-ion batteries on the energy market is also accelerating the Munich-based company. Stationary storage units for example are used to avoid increased grid fees or to stabilize the grid. However, due to their cost and complexity, batteries are especially challenging regarding significant test scopes during development, a lack of transparency about their condition, and remaining lifetime during operation.
“With rapidly rising electrification in the mobility and energy sector, the battery market is at an inflection point. TWAICE predictive analytics solution unlocks a tremendous amount of value along the full battery lifecycle,” states Peter Specht, Principal at Creandum. “We were impressed by the deep battery expertise of the team, the sophistication of their analytics platform and rapidly growing customer demand. We’re thrilled to support the team along their journey to further scale and expand to new markets.”
“We are very happy to have Creandum, an internationally recognized investor, onboard now,” Michael Baumann, Managing Director and co-founder of TWAICE, said. “They share our vision of an analytics platform for e-mobility and renewable energies.”
The customer portfolio of TWAICE mainly consists of two sectors: energy and mobility. Energy companies use the software primarily for stationary energy storage systems. In the mobility sector, TWAICE enables manufacturers and fleet operators to improve both the development and use of lithium-ion batteries as well as to extend the batteries’ service life. The TWAICE software provides customers with more precise information about the processes taking place in the batteries during use. This way, operators of electric vehicle fleets, for example, can reduce their operating costs through predictive maintenance and achieve an increase in battery life of up to 25%.