$30m for German battery digital twin
German battery analytics startup Twaice has raised $30m for its digital twin development, including backing from Lip-Bu Tan of Cadence.
This brings the total raised to $75m after $26m in its Series A in May 2021 for its battery lifecycle monitoring software.
The $30m in an additional Series B round comes from global investment firm Coatue as well as a personal investment from Lip-Bu Tan, executive chairman and former CEO of Cadence Design Systems and chairman of venture capital firm Walden International. It also includes participation from existing investors.
The funding will be used to further optimize its cloud analytics platform and expand its presence in Europe and North America, including growing its new Chicago-based office.
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The battery sector’s market potential is estimated to reach $168 billion by 2030. According to analysis by Energize, this growth supports a $30 to $50 billion opportunity for the battery software market. The battery is currently the most expensive component in an electric car, meaning warranty periods and battery health are paramount to potential buyers and OEMs.
The Twaice software uses a digital twin to monitor battery aging, while making highly accurate predictions on its future performance. The company says it has increased its sales by roughly 250 percent since May 2021 with over five of the world’s leading OEMs and several major renewables developers and operators. It also has a partnership with battery management system chip developer Analog Devices.
“We are building the world’s most complete predictive battery analytics platform, accessible to all companies driving the transformation to a cleaner and greener battery-powered world,” said Twaice co-CEO and founder Stephan Rohr.
“In the last year we tremendously increased our mobility OEM and energy customer base, established new business segments for bus and commercial fleet operators, and formed a new product offering for EV residual value certification,” added co-CEO and founder Michael Baumann.
“Twaice has built a holistic analytics platform for batteries with a strong customer base in automotive, fleet and energy,” said Jaimin Rangwalla of Coatue. “We are excited to partner with Twaice as it solves challenges along the value chain, improving the profitability of batteries while reducing the risk for manufacturers and users.”
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