Average reading time for this story is 1 minutes
TWAICE, a battery analytics software company that enhances transparency and predictability of batteries, announced it has raised $26 million in Series B funding. Led by global alternative investment manager, Energize Ventures, the heavily oversubscribed round received follow-on participation from the existing investors Creandum, Cherry Ventures, UVC Partners, and Speedinvest, bringing TWAICE’s total financing to $45 million. The funds will be used to expand the analytics platform and fuel international expansion.
“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.
With announcements of all-electric line-ups from automotive manufacturers globally, demand is soaring for high-performing battery technologies. TWAICE’s analytics platform accelerates development and increases the profit of batteries while reducing risk for manufacturers and users.
TWAICE Co-CEO Stephan Rohr emphasized, “With the rapid acceleration toward electrification, we are keen to grow in key markets. 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”.
TWAICE customers include automotive giants Audi, Daimler, and Hero Motors alongside 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 ideal market conditions, technology, and team, and we expect to see escalating demand for the company’s proprietary battery analytics platform.”
Energize’s investment is only the latest vote of confidence for TWAICE, underlining the company’s strong trajectory toward capitalizing on the battery sector’s market potential, estimated to reach $168 billion by 2030.