The funding round for Twaice was led by Chicago-based Energize Ventures and is their first investment into a software company in the battery space. The round included all the existing investors, with Creandum, Cherry Ventures, UVC Partners and Speedinvest, bringing the total backing to $45m. 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.
Demand is soaring for high-performing battery technologies as car makers launch electric vehicles, and the Twaice analytics platform accelerates the development and increases the profit of batteries while reducing the risk for manufacturers and users.
“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,” said Twaice Co-CEO Stephan Rohr.
Customers already include automotive giants Audi, Daimler and Hero Motors as well as energy companies such as Verbund. Twaice is also working with its extensive partner network including Munich Re (insurance solutions), TÜV Rheinland (certifications), and ViriCiti (fleet management) to offer 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 technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.