ADDITIONAL MILLIONS FOR THE DIGITAL BATTERY TWIN
Munich-based startup TWAICE is increasing its seed financing to € 3.2 million to secure its rapid growth. Customer interest exceeds all expectations
- More than two million euros of new funding
- Increased customer demand due to accelerated electrification strategy
- Successful initial projects validate the concept and business model
Munich – Only nine months after the official founding of the company, Munich-based startup TWAICE receives another two million euros in funding. The money is provided by the Berlin venture capitalist Cherry Ventures with participation from existing investors UVC Partners and Speedinvest.
With this extended seed financing, TWAICE will secure and further expand its rapid customer expansion and business development. The significantly accelerated electrification strategy of many customers makes this possible. Additionally, more and more companies in the automotive industry are discovering the TWAICE software. It can improve the use of lithium-ion batteries and extend their lifespan.
Over the past few months, TWAICE has shown in a variety of customer projects the added value that the technology can create. The benefits extend along the value chain and support different industries. Customers get more detailed knowledge of the battery operations in the process of using the TWAICE software. This helps manufacturers to validate their complex battery systems. Operators of electric vehicle fleets, for example, can reduce their operating costs by up to 25 percent through predictive maintenance and a lifetime extension.
The software is now used in trucks, cars and stationary power storage. The solution is also successfully deployed in smaller applications such as power tools. This spectrum is likely to broaden significantly in the coming years, in conjunction with the rapid expansion of electric drives in different industries.
With the new funding, TWAICE will continue to grow based on the good results in recent months. It is planning to build up its workforce rapidly in order to be able to quickly implement the current and expected order volume.
The TWAICE software creates a digital twin of battery systems. It can be used to make accurate analyses and predictions about the “health status” of every energy storage system in real time. By using sensor data, physical and data-driven battery models, TWAICE not only closes the loop between product development and application. It also opens up new possibilities, such as predictive maintenance and warranty extension. Threatening incidents, including downtimes, can be detected and prevented in good time.
The founders Stephan Rohr and Michael Baumann are pleased about the further financing round: “The incredibly strong customer interest and the expansion of our team have led to rapid professionalization within only six months”. In a first round during the autumn of 2018, TWAICE had already collected 1.2 million euros from UVC Partners and Speedinvest.
With Cherry Ventures, another top investor comes onboard. “We are excited about what a strong team of battery technology experts the founders have been able to build in such a short period of time. We are at an inflection point in the adoption of electric mobility and development of electric storage solutions. We consider the approach of TWAICE to be a unique opportunity to advance this field with software and we are convinced that digital twins will redefine the industry”, says Thomas Lueke from Cherry Ventures.
TWAICE supports enterprises across industries with predictive battery analytics software based on digital twins. We empower our customers to develop and use battery systems more efficiently and sustainably while making them more reliable and durable. Precise predictions of battery conditions and aging significantly optimize battery development and use. Exact determination of current condition also enables certification of batteries for reuse and 2nd life.
TWAICE was founded in 2018 as a spin-off from Technical University of Munich and is headquartered in Munich. The client base covers a vast array of industries ranging from e-scooters over automotive to stationary energy storage.
About Cherry Ventures
Cherry Ventures is an early-stage venture capital fund founded and led by former entrepreneurs and focusing on seed-stage companies in B2B and B2C. Having started as angel fund, Cherry today has €325M under management and invests tickets between €500k-4M in the seed stage and up to €15M in total in a company.
Cherry’s founders have been involved in Zalando, Groupon and Quandoo and the fund has previously been among the first backers of Auto1, Flixbus, Tourradar, Drover etc. Cherry aims at supporting its portfolio companies in the best possible way through the entrepreneurial expertise in the team. Beyond recruiting the fund helps with its operational know-how and many other topics relevant to the portfolio.
Based in Berlin, Cherry invests all across Europe and is sector-agnostic.
About Unternehmertum Venture Capital Partners
Unternehmertum Venture Capital Partners (UVC Partners) is a Munich-based early-stage venture capital firm that invests in technology-based startups in the areas of industrial technologies, enterprise software and mobility. The fund typically invests between € 0.5 – 3m initially and up to € 12m in total per company.
Portfolio companies benefit from the extensive investment- and exit experience of the management team as well as from the close cooperation with UnternehmerTUM, Europe’s leading innovation and business creation center. With over 180 employees and more than 100 industry partners, UnternehmerTUM can draw from many years of experience in establishing young companies. This cooperation enables UVC Partners to offer startups unique access to talent, industry customers, and other financial partners.
Speedinvest is a pan-european brand of venture capital funds with €200m under management that invests in seed stage technology start-ups. The company operates under a focus fund structure in the areas of Fintech, Marketplaces and Deep / Industrial Tech. Besides providing financial investments, the fund actively deploys its network and know-how to support its portfolio companies. Speedinvest’s office in San Francisco supports portfolio companies entering the US market.
Speedinvest i is the newest focus fund of Speedinvest – dedicated exclusively to Industrial Tech start-ups. It provides seed financing to support the digitization of Europe’s industry by focusing on start-ups surrounding Big Data, Smart Manufacturing and New Business Models for the industrial world. The fund is primarily financed through leading, industrial companies from Austria and Germany, enabling an attractive entry point for portfolio companies to Speedinvest’s broad corporate network.