Munich-based battery analytics software company TWAICE has raised an €11 million Series A round led by venture capital firm Creandum. Notably, other investors like Cherry Ventures, UVC Partners, and Speedinvest already invested €3.2 million as part of an earlier seed round.
The company is planning to use the funding to scale its software and power internationalisation efforts further to contribute to the availability of sustainable mobility and energy solutions.
Michael Baumann, Managing Director and Co-Founder of TWAICE, said:
“We are very happy to have Creandum, an internationally recognized investor, onboard now. They share our vision of an analytics platform for e-mobility and renewable energies.”
For the uninitiated, TWAICE offers predictive analytics software that optimizes both the development and operation of lithium-ion batteries.
The German company‘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. 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, the platform has grown from a university research project into the leading battery analytics software for global players in the mobility and energy sectors.
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.
The customer portfolio of TWAICE mainly consists of two sectors: energy and mobility. The 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.
Dr. Stephan Rohr, Managing Director and Co-Founder of TWAICE, said:
The market is rewarding us for our mission to build the leading global team for battery analysis.
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