TWAICE RAISES €11 MILLION SERIES A TO POWER INTERNATIONALIZATION EFFORTS AND SCALING
- €11 million for the Munich-based battery specialist from early-stage VC investor Creandum and existing investors Cherry Ventures, UVC Partners and Speedinvest
- In just under two years, TWAICE has grown from a university research project into the top battery analytics software, attracting a diverse and global customer base
- Funding will be used to further scale TWAICE software and power internationalization efforts to contribute to the availability of sustainable mobility and energy solutions
Munich/Stockholm. Munich-based battery analytics software company TWAICE has raised an €11 million Series A round led by venture capital firm Creandum. Cherry Ventures, UVC Partners and Speedinvest already invested €3.2 million 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.”
TWAICE’s software creates a unique “digital twin” of battery systems. It can be used to make precise analyses and predictions about the “health” of each energy storage device. By using field data in combination with physical and data-driven battery models, TWAICE closes the loop between product development and application. But, even more so, the software also allows for new opportunities such as predictive maintenance and warranty extension. Operational failures can be detected — and prevented — in real time.
The trend towards more comprehensive electrical strategies by major mobility and energy players is driving TWAICE’s success. Due to increasing pollution regulation, manufacturers have put greater emphasis on developing electric, emissions-free vehicles and, as a result, efficient batteries. The increasing popularity of lithium-ion batteries on the energy market is also accelerating the Munich-based company. Stationary storage units for example are used to avoid increased grid fees or to stabilize the grid. However, due to their cost and complexity, batteries are especially challenging regarding significant test scopes during development, a lack of transparency about their condition, and remaining lifetime during operation.
“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. In recent years, the company has established itself as the market leader for battery analytics and has won leading customers from the automotive industry to truck manufacturers and power tool suppliers. The combination of in-depth battery knowledge, a scalable cloud platform, and machine learning is unique
“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,” stated 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.”
The customer portfolio of TWAICE mainly consists of two sectors: energy and mobility. Energy companies use the software primarily for stationary energy storage systems. In the mobility sector, TWAICE enables manufacturers and fleet operators to improve both the development and use of lithium-ion batteries as well as to extend the batteries’ service life. The TWAICE software provides customers with more precise information about the processes taking place in the batteries during use. This way, operators of electric vehicle fleets, for example, can reduce their operating costs through predictive maintenance and achieve an increase in battery life of up to 25 percent.
TWAICE provides predictive analytics software that optimizes the development and operation of lithium-ion batteries. TWAICE’s core technology is the digital twin – a software that combines deep battery knowledge and artificial intelligence to determine the condition and predict aging and performance of batteries. This makes complex battery systems more transparent, effective and reliable. As the leading battery analytics software for global players in the mobility and energy sectors, TWAICE is committed to increasing the lifetime, efficiency and sustainability of the products that power the economy of tomorrow.
Creandum is a leading European early-stage venture capital firm. Since 2003, Creandum is backing Europe’s most ambitious tech companies from seed to exit across a wide range of industries. Some of Creandum’s early backings include Spotify, iZettle, Klarna, and Small Giant Games. Creandum’s advisory teams are based in Stockholm, Berlin, and San Francisco. With their extensive operational expertise, the teams strongly support the fund’s portfolio of close to 100 companies, including expansion into the US market. To learn more visit www.creandum.com
About Cherry Ventures
Cherry Ventures is a Berlin-based early-stage venture capital fund founded and led by a team of entrepreneurs with experience building fast-scaling companies. The €175m fund backs the most ambitious founders in Europe, usually as their first institutional investor, supporting them in their go-to-market and the scaling of their businesses. Cherry Ventures has previously invested in the seed stage of over 50 companies across Europe, including FlixBus, Auto1 Group, Infarm, DashDash and TourRadar. To learn more visit www.cherry.vc
About Unternehmertum Venture Capital Partners
Unternehmertum Venture Capital Partners (UVC Partners) is a Munich- and Berlin-based early-stage venture capital firm that invests in technology-based startups in the areas of industrial technologies, enterprise software and mobility. Portfolio companies benefit from the close cooperation with UnternehmerTUM, Europe’s leading innovation and business creation center. With over 240 employees and more than 100 industry partners, UnternehmerTUM and UVC can provide unique value add and industry access to its portfolio. To learn more visit www.uvcpartners.com
Speedinvest is a European venture capital fund with €400M+ AUM and more than 40 investment professionals working from Berlin, London, Munich, Paris, Vienna and San Francisco. Employing a sector-focused investment structure, we fund early-stage technology startups in the areas of Fintech, Digital Health, Consumer Tech, Network Effects, Deep Tech and Industrial Tech. Speedinvest actively deploys its global network and dedicated team of in-house operational experts to support our 140+ portfolio companies, including with US market expansion.
Speedinvest i is 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. To learn more visit www.speedinvest.com