Battery analytics firm TWAICE raises $26m in investment round
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TWAICE says its predictive analytics software optimises the development and operation of lithium-ion batteries. Photo: TWAICE
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German battery analytics company TWAICE has raised $26m (£18.4m) in a funding round to spur expansion into the international electric vehicles and energy markets.
Munich-based TWAICE said the Series B funding was led by Chicago-based alternative investment manager Energize Ventures – marking its first investment in a software company in the battery space.
The funding boost will also help TWAICE expand the capabilities of its predictive analytics software, which the company said supports the operation of lithium-ion batteries and "accelerates development and increases the profit of batteries, while reducing risk for manufacturers and users”.
Existing TWAICE investors Creandum, Cherry Ventures, UVC Partners, and Speedinvest also participated in the funding round – taking TWAICE’s total financing to date to $45m.
'Software crucial'
TWAICE’s co-CEO Michael Baumann said: "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.”
Energize Ventures principal Tyler Lancaster said: "After years of closely monitoring the energy storage ecosystem, we recognise that software will be crucial to helping the battery industry achieve scalability – whether that is batteries powering electric vehicles or the grid.”
TWAICE’s client base includes automotive giants Audi, Daimler, and Hero Motors alongside energy companies such as Germany’s Verbund. TWAICE is also working with organisations such as certification services firm TÜV Rheinland and fleet management company ViriCiti to offer battery-related services.
Related article in our archive:
Europe now 'battery investment hotspot', says EU's Šefčovič
Munich-based TWAICE said the Series B funding was led by Chicago-based alternative investment manager Energize Ventures – marking its first investment in a software company in the battery space.
The funding boost will also help TWAICE expand the capabilities of its predictive analytics software, which the company said supports the operation of lithium-ion batteries and "accelerates development and increases the profit of batteries, while reducing risk for manufacturers and users”.
Existing TWAICE investors Creandum, Cherry Ventures, UVC Partners, and Speedinvest also participated in the funding round – taking TWAICE’s total financing to date to $45m.
'Software crucial'
TWAICE’s co-CEO Michael Baumann said: "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.”
Energize Ventures principal Tyler Lancaster said: "After years of closely monitoring the energy storage ecosystem, we recognise that software will be crucial to helping the battery industry achieve scalability – whether that is batteries powering electric vehicles or the grid.”
TWAICE’s client base includes automotive giants Audi, Daimler, and Hero Motors alongside energy companies such as Germany’s Verbund. TWAICE is also working with organisations such as certification services firm TÜV Rheinland and fleet management company ViriCiti to offer battery-related services.
Related article in our archive:
Europe now 'battery investment hotspot', says EU's Šefčovič