Battery analytics company TWAICE has raised 30 million dollars in additional Series B financing led by global investment firm Coatue.
The round extension, which includes personal investment from Lip-Bu Tan and participation from existing investors, builds on TWAICE’s $26 million Series B in May 2021 led by Energize Ventures. The funds will be used «to further optimize TWAICE’s cloud analytics platform and expand its presence in Europe and North America, including growing its new Chicago-based office», TWAICE says.
The company reports it has increased its sales by roughly 250 percent since May 2021.
TWAICE battery analytics platform for automotive sector
In January 2022 TWAICE and ViriCiti have published a white paper on the benefits their predictive maintenance program provides in terms of vehicle battery life and significant reduction in operating costs for e-bus fleets. TWAICE is into a partnership with retrofit expert pepper motion and semiconductor company Analog Devices.
TWAICE recalls that battery sector’s market potential is estimated to reach $168 billion by 2030. According to analysis by Energize, this growth supports a $12 to $20 billion opportunity for the battery software market.
Current demand for high-performance battery technologies is driven by the acute need for reliable renewable energy storage and the move to all-electric line-ups by automotive manufacturers globally. TWAICE’s software addresses key challenges in the battery lifecycle by generating insights into battery aging, while making highly accurate predictions on its future performance.
TWAICE: new financing for “the world’s most complete predictive battery analytics platform”
“We are building the world’s most complete predictive battery analytics platform, accessible to all companies driving the transformation to a cleaner and greener battery-powered world,” said TWAICE co-CEO and founder Stephan Rohr.
Co-CEO and founder Michael Baumann added: “In the last year we tremendously increased our mobility OEM and energy customer base, established new business segments for bus and commercial fleet operators, and formed a new product offering for EV residual value certification. We credit our strong team at TWAICE and the support of all our investors for these latest successes.”
“TWAICE has built a holistic analytics platform for batteries with a strong customer base in automotive, fleet and energy,” said Jaimin Rangwalla of Coatue. “We are excited to partner with TWAICE as it solves challenges along the value chain, improving the profitability of batteries while reducing the risk for manufacturers and users.”