Munich-based battery analytics software company TWAICE has raised an €11 million Series A round led by venture capital firm Creandum. Cherry Ventures, UVC Partners and Speedinvest already invested €3.2 million as part of an earlier seed round. In just under two years, TWAICE has grown from a university research project into a top battery analytics software, attracting a diverse and global customer base
Funding will be used to further scale TWAICE software and power internationalization efforts to contribute to the availability of sustainable mobility and energy solutions
“We are very happy to have Creandum, an internationally recognized investor, onboard now,” said Michael Baumann, Managing Director and Co-Founder of TWAICE. “They share our vision of an analytics platform for e-mobility and renewable energies.”
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TWAICE’s software creates a unique “digital twin” of battery systems. It can be used to make precise analyses and predictions about the “health” of each energy storage device. 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.
“The market is rewarding us for our mission to build the leading global team for battery analysis,” said Dr. Stephan Rohr, Managing Director and Co-Founder of TWAICE. In recent years, the company has established itself as the market leader for battery analytics and has won leading customers from the automotive industry to truck manufacturers and power tool suppliers. The combination of in-depth battery knowledge, a scalable cloud platform, and machine learning is unique.
“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,” stated 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.”
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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 percent.