Battery Software Startup TWAICE Raises $26M in Series B Round Funding

June 03, 2021 by Shannon Cuthrell

German startup TWAICE raised a $26 million funding round to support its expansions into the international EV and energy markets.

Munich-based battery analytics software provider TWAICE recently raised a $26 million Series B funding round to expand internationally and move into the electric vehicle and energy markets. 

As EE Power covered in a recent story, TWAICE’s predictive analytics software uses digital twin computer models to build virtual battery models and collect data for testing lithium-ion battery health. In March, the company unveiled a new battery model library featuring validated cell aging simulation models and flexible licensing models. 

TWAICE’s battery laboratories. (Photo courtesy of TWAICE)
TWAICE’s battery laboratories. Image courtesy of TWAICE

TWAICE was founded in 2018 as a joint research project at the Technical University of Munich. Despite being a relatively young name in the industry, the company has already raised millions of dollars and built a solid customer base that includes Audi, Daimler, Hero Motors and Austrian electricity provider Verbund.

The latest investment brings TWAICE’s total funding to around $45 million. In September 2018, it raised €1.2 million (or about $1.4 million USD) in seed funding from Unternehmertum Venture Capital (UVC) Partners and Speedinvest. The following May, Berlin-based Cherry Ventures led a €2 million investment round ($2.4 million) with participation from the company’s existing investors. And in 2020, TWAICE raised an €11 million ($13.4 million USD) Series A round led by European VC firm Creandum, joining earlier backers. 

Energize Ventures, a Chicago-based VC firm targeting energy and heavy industrial markets, led the latest Series B round joined by Creandum, Cherry Ventures, UVC Partners and Speedinvest. In the announcement, Energize Ventures Principal Tyler Lancaster noted the utility of software platforms in scaling the battery market, particularly with electric vehicles and grid applications. 

Lancaster adds, “Our investment in TWAICE is the culmination of ideal market conditions, technology, and team, and we expect to see escalating demand for the company’s proprietary battery analytics platform.”

The funding will fuel TWAICE’s efforts to expand internationally, eying the United States as its next target. 

“With the rapid acceleration toward electrification, we are keen to grow in key markets,” stated Stephan Rohr, the company’s co-CEO. “North America is the logical next step. With its impressive portfolio of energy and mobility companies and strong footprint in the United States, Energize is the ideal partner.”