TWAICE is raising USD 26 million for its battery analysis software. The investment is led by Energize Ventures of Chicago, USA. The startup impressed with strong development and a strong team in a fast-moving market. The funds will be used to expand into international markets for electric vehicles and energy.
TWAICE's innovative software improves battery visibility and predictability. TWAICE's core technology is its digital twin - software that combines deep battery knowledge and artificial intelligence to determine the condition and predict the aging and performance of batteries. “We have heavily invested in our battery analytics software to address the challenges in the battery lifecycle. Our solution portfolio is now leveraged in the development, operation and potential second use by leading players in the mobility and energy industry”, said TWAICE Co-CEO Michael Baumann.
The funding includes follow-on investments from existing investors Creandum, Cherry Ventures, UVC Partners and Speedinvest, bringing TWAICE's total funding to $45 million. The funds will be used to build core capabilities such as the analytics platform and for international expansion to target electric vehicle and energy companies.
As automakers around the globe announce fully electric vehicle lines, demand for high-performance battery technologies is increasing. As a solution to challenges along the value chain, TWAICE's analytics platform accelerates development and increases battery profits while reducing risk for manufacturers and users.
TWAICE was founded in June 2018 by Michael Baumann and Dr. Stephan Rohr with the vision of using analytics software for batteries based on digital twins to advance zero-emission mobility and green energy supply in Germany. In a joint research project at the Technical University of Munich, the founders focused on health and lifetime determination of lithium-ion batteries in their PhDs.
More information on the website of UVC Partners.
Copyright photo: TWAICE