Battery analytics company TWAICE raises $26 million in Series B funding

TWAICE raises a $26 million round led by Energize Ventures. The startup convinced the Chicago-based investor to do its first investment into a software company through a strong trajectory and team within an accelerating market. The funds will fuel the expansion into international electric vehicle and energy markets.

Munich/Chicago, 19 May. TWAICE, a battery analytics software company that enhances transparency and predictability of batteries, today announced it has raised $26 million in Series B funding. Led by global alternative investment manager, Energize Ventures, the heavily oversubscribed round received follow-on participation from all existing investors Creandum, Cherry Ventures, UVC Partners and Speedinvest, bringing TWAICE’s total financing to $45 million. 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.

With announcements of all-electric line-ups from automotive manufacturers around the globe, demand is soaring for high-performing battery technologies. A solution to the challenges along the value chain, TWAICE’s analytics platform accelerates the development and increases the profit of batteries while reducing the risk for manufacturers and users.

TWAICE Co-CEO Stephan Rohr emphasized, “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”.

TWAICE customers already include automotive giants Audi, Daimler and Hero Motors as well as energy companies such as Verbund. Benjamin Erhart from UVC Partners adds: “Since UVC Partners led TWAICE first Investment round, the company contiously expanded ist customer, investor and partner base. Today, TWAICE is working with its extensive partner network including Munich Re (insurance solutions), TÜV Rheinland (certifications), and ViriCiti (fleet management) to offer scalable 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.”

The investment by Energize is only the latest vote of confidence for TWAICE and underlines the company’s strong trajectory toward capitalizing on the battery sector’s market potential, which is estimated to reach $168 billion by 2030.

About TWAICE

TWAICE provides predictive analytics software that optimizes the development and operation of lithium-ion batteries. TWAICE’s core technology is the digital twin – a software that combines deep battery knowledge and artificial intelligence to determine the condition and predict the aging and performance of batteries. This makes complex battery systems more transparent, effective and reliable. As the leading battery analytics software for global players in the mobility and energy sectors, TWAICE is committed to increasing the lifetime, efficiency and sustainability of the products that power the economy of tomorrow.

twaice.com

About Energize

Energize Ventures is a leading global alternative investment manager focused on accelerating digital transformation in energy and sustainable industry. Founded in 2016, Energize has funded 14 companies to-date and is backed by strategic and institutional LPs including CDPQ, Invenergy, Schneider Electric, General Electric, Caterpillar, and more. With an unmatched depth and breadth of industry and operational expertise, Energize works in partnership with its portfolio companies to realize their full potential from early commercialization to growth scaling and into the public markets.

energize.vc

About UVC Partners

Unternehmertum Venture Capital Partners (UVC Partners) is a Munich- and Berlin-based early-stage venture capital firm that invests in European B2B startups in the areas of enterprise software, industrial technologies and mobility. The fund typically invests between € 0.5 – 5m initially and up to € 20m in total per company.

Portfolio companies benefit from the extensive investment and exit experience of the management team as well as from the close cooperation with UnternehmerTUM, Europe’s leading innovation and business creation center. With over 240 employees and more than 100 industry partners, UnternehmerTUM can draw from many years of experience in establishing young companies. This cooperation enables UVC Partners to offer startups unique access to talent, industry customers, and other financial partners.

uvcpartners.com