TWAICE, a Munich-based software company that provides analysis and prediction of battery health and performance, today announced a $26 million funding round. Led by Energize Ventures, a global alternative investment fund, the round was also supported by existing investors Creandum, Cherry Ventures, UVC Partners and Speedinvest amid strong investor interest. This brings TWAICE’s total funding to $45 million. TWAICE is using the new funds primarily to expand its analytics platform and drive its international expansion.
“We have invested heavily in our battery analytics software to address battery lifecycle challenges. Our portfolio of solutions is being applied by leading players in the mobility and energy industries in development, operations and secondary use,” said TWAICE Co-CEO Michael Baumann.
Demand for high-performance batteries has boomed in recent months, with automakers around the world announcing the launch of all-electric product ranges. TWAICE solutions accelerate battery development and increase profits with lower risk for manufacturers and operators.
Stephan Rohr, Co-CEO of TWAICE, emphasizes: “We want to take advantage of the rapid global electrification to grow in key markets. North America is the logical next step. Energize are the ideal partner with their impressive portfolio of mobility and energy companies and strong presence in the United States.”
TWAICE’s customers include automotive giants Audi, Daimler and Hero Motors as well as energy companies such as Verbund. TWAICE also offers further battery-related services through its extensive partner network with companies such as Munich Re (insurance solutions), TÜV Rheinland (certifications) and ViriCiti (fleet management).
“For years, we’ve watched the energy storage market closely and determined that software solutions will be critical to making the battery industry scalable – whether it’s batteries in electric vehicles or on the grid,” said Tyler Lancaster, Principal at Energize Ventures. “Our decision to invest in TWAICE is based on the combination of ideal market conditions, forward-looking technology and TWAICE’s outstanding team. We expect strong demand for the proprietary battery analytics platform here.”
Energize’s investment underlines TWAICE’s strong growth path: the company wants to fully exploit the enormous market potential in the battery sector. This is expected to reach 168 billion US dollars by 2030.