TWAICE raises €11 million Series A to power further growth
- €11 million for the Munich-based battery specialist from early-stage VC investor Creandum and existing investors Cherry Ventures, UVC Partners and Speedinvest
- In just under two years, TWAICE has grown from a university research project into the 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
Munich, March 25th, 2020 – Munich-based battery analytics software company TWAICE has raised an €11 million Series A round led by venture capital firm Creandum. Cherry Ventures and initial backers UVC Partners and Speedinvest already invested €3.2 million as part of an earlier seed round. “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.”
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.
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 5 operating costs through predictive maintenance and achieve an increase in battery life of up to 25 percent.
TWAICE offers predictive analytics software that optimizes both the development and operation of lithium-ion batteries. TWAICE’s core technology is the digital twin – a software that uses artificial intelligence to determine the condition and predict the ageing and performance of batteries. It enables complex battery systems to become more efficient, sustainable and reliable. TWAICE was founded in 2018 after four years of research at the Technical University of Munich. In less than two years, TWAICE has grown from a university research project into the leading battery analytics software for global players in the mobility and energy sectors.
About UVC Partners:
Unternehmertum Venture Capital Partners (UVC Partners) is a Munich- and Berlin-based early-stage venture capital firm that invests in technology-based startups in the areas of industrial technologies, enterprise software and mobility. The fund typically invests between € 0.5 – 3m initially and up to € 12m in total per company.
Portfolio companies benefit from the extensive investment and exit experience of the management team as well as from the close cooperation with UnternehmerTUM, Europe’s leading innovation and business creation center. With over 180 employees and more than 100 industry partners, UnternehmerTUM can draw from many years of experience in establishing young companies. This cooperation enables UVC Partners to offer startups unique access to talent, industry customers, and other financial partners. The portfolio includes investments such as FlixBus, Carjump (Free2Move), KONUX, Blickfeld, 3YOURMIND, and Vimcar.