Twaice raises $26m for battery digital twin tech
The funding round for Twaice was led by Chicago-based Energize Ventures and is their first investment into a software company in the battery space. The round included all the existing investors, with Creandum, Cherry Ventures, UVC Partners and Speedinvest, bringing the total backing to $45m. The funds will be used to expand core capabilities such as the analytics platform and fuel international expansion to target electric vehicle and energy companies.
“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.
Demand is soaring for high-performing battery technologies as car makers launch electric vehicles, and the Twaice analytics platform accelerates the development and increases the profit of batteries while reducing the risk for manufacturers and users.
“With the rapid acceleration toward electrification globally, we are now keen to grow in key markets. North America is the logical next step to become a true global player. Energize is the ideal partner with its impressive portfolio of energy and mobility companies and strong footprint in the United States,” said Twaice Co-CEO Stephan Rohr.
Customers already include automotive giants Audi, Daimler and Hero Motors as well as energy companies such as Verbund. Twaice is also working with its extensive partner network including Munich Re (insurance solutions), TÜV Rheinland (certifications), and ViriCiti (fleet management) to offer battery-related services.
“After years of closely monitoring the energy storage ecosystem, we recognize that software will be crucial to helping the battery industry achieve scalability – whether that is batteries powering electric vehicles or the grid”, said Tyler Lancaster, Principal at Energize Ventures. “Our investment in TWAICE is the culmination of the ideal market conditions, technology, and team, and we expect to see escalating demand for the company’s proprietary battery analytics platform.”
Related Twaice articles
Other articles on eeNews Power
- World’s first commercial solid state battery 3D printer
- Varta ships its first EV lithium ion cells
- French firms team for electric aircraft power
- $1.25bn for next generation US silicon anode military batteries
- Dialog, SiFive team for RISC-V PMIC
- Navitas to go public via $1bn SPAC