€11m for Munich battery digital twin startup
Munich-based battery analytics software company Twaice has raised €11m in its Series A round of funding to boost the development of digital twin technology.
Twaice develops software to create a detailed model, or digital twin, of a battery system. Combining the model with field data allows precise analysis and prediction of the state of health of each energy storage device. The software also opens up applications such as predictive maintenance and warranty extension. Operational failures can be detected — and prevented — in real time.
The round was led by venture capital firm Creandum. Cherry Ventures, UVC Partners and Speedinvest already invested €3.2m as part of an earlier seed round.
“We are very happy to have Creandum, an internationally recognized investor, onboard now,” said Michael Baumann, Managing Director and Co-Founder of Twaice. “They share our vision of an analytics platform for e-mobility and renewable energies.”
The company was founded in 2018 after four years of research at the Technical University of Munich into combining in-depth battery knowledge, a scalable cloud platform and machine learning. It has a focus on both electric vehicle battery packs and stationary energy storage systems that are used alongside solar panels and wind turbines.
These stationary storage units are used to avoid increased grid fees or to stabilize the grid. However, due to their cost and complexity, the battery systems are especially challenging regarding significant test scopes during development, a lack of transparency about their condition, and remaining lifetime during operation.
For vehicle battery packs, the software provides more precise information about the processes taking place in the batteries during use. This allows operators of electric vehicle fleets, for example, to reduce their operating costs through predictive maintenance and achieve an increase in battery life of up to 25 percent.
“The market is rewarding us for our mission to build the leading global team for battery analysis,” said Dr Stephan Rohr, Managing Director and Co-Founder of Twaice. It already has customers from the automotive industry to truck manufacturers and power tool suppliers.
“With rapidly rising electrification in the mobility and energy sector, the battery market is at an inflection point. TWAICE predictive analytics solution unlocks a tremendous amount of value along the full battery lifecycle,” said Peter Specht, Principal at Creandum. “We were impressed by the deep battery expertise of the team, the sophistication of their analytics platform and rapidly growing customer demand. We’re thrilled to support the team along their journey to further scale and expand to new markets.”
Last week it announced a strategic partnership with German IT consultancy MHP to provide an integrated end-to-end system for automotive companies.
“Combined, this partnership offers a holistic solution: from strategic conception through to implementation and software, enabling customers to meet their present challenges sustainably and successfully,” said Ralf Baral, Head of Partner Management at MHP.
“We are happy to have found MHP, a competent and leading partner in the automotive industry. Their consulting and organizational competence is the ideal complement to our analytics software, enabling integration at customer level and maximizing customer value,” said Michael Baumann, one of the founders and managing directors at TWAICE.
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