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, including help from participating investors brought TWAICE’s total financing to $45 million. 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.
With automotive manufacturers around the globe introducing all-electric line-ups, demand is soaring for high-performing battery technologies. TWAICE’s 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.
TWAICE customers 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 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 thegrid”, 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.”