Press Release

BATTERY ANALYTICS COMPANY TWAICE RAISES $26 MILLION IN SERIES B FUNDING

Chicago-based Energize Ventures leads the latest investment round. Their first investment into a software company in the battery space was driven by TWAICE’s strong trajectory and team within an accelerating market. The funds will fuel expansion into international electric vehicle and energy markets.

  • Chicago-based Energize Ventures leads the $26 million investment round into the Munich-based analytics software company
  • The heavily oversubscribed round with participation from all existing investors brings 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

TWAICE, a battery analytics software company that enhances transparency and predictability of batteries, today 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.

About TWAICE

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.

Press Contact & Information:
Anna Lossmann | press@twaice.com | twaice.com/newsroom/

About Energize

Energize Ventures is a leading global alternative investment manager focused on accelerating digital transformation in energy and sustainable industry. Founded in 2016, Energize has funded 14 companies to-date and is backed by strategic and institutional LPs including CDPQ, Invenergy, Schneider Electric, General Electric, Caterpillar, and more. With an unmatched depth and breadth of industry and operational expertise, Energize works in partnership with its portfolio companies to realize their full potential from early commercialization to growth scaling and into the public markets. For more information on Energize Ventures, please visit www.energize.vc.

About Creandum

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

About Speedinvest

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


Author: TWAICE

Published: 19 May 2021

Location: Munich/ Chicago

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