German battery analytics company Twaice has raised USD 26 million in Series B funding. Led by global alternative investment manager, Energize Ventures, the round received follow-on participation from all existing investors, bringing Twaice’s total financing to USD 45 million.
The funds, Twaice says, will be used to expand core capabilities such as the analytics platform and fuel international expansion to target electric vehicle and energy companies.
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 gridTyler Lancaster, principal at Energize Ventures
Twaice joined the European Battery Alliance. In late 2020 Twaice opened a new lab in Munich that allows EV battery tests at temperatures from -20 to 80°C. In 2020 the company has signed a deal with telematics Dutch enterprise ViriCiti in order to deliver comprehensive battery analytics for electric bus fleets. The German-based company has also been announced winner of the 2021 Global Cleantech 100 European Company of the Year.
Twaice gets funding for battery analytics
Twaice customers already include automotive giants Audi, Daimler and Hero Motors as well as energy companies such as Verbund. To increase the value even further, Twaice is working with a partner network including Munich Re (insurance solutions), TÜV Rheinland (certifications), and the already mentioned ViriCiti (fleet management) to offer battery-related services.
“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.
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”.
Software to be crucial for battery industry to scale up
“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.”