ONE YEAR ON THE MARKET – TWAICE IS GROWING RAPIDLY AND COMES OF AGE!
Successful financing rounds, employee boom, cooperations with global corporations: TWAICE has definitely outgrown the start-up phase on its first birthday!
- Major industry leaders as customers
- More than 25 employees
- More than 3.2 million euros of seed investor money
Munich – From the outset, the predictive analytics software for lithium-ion batteries was highly appreciated – and from clients across industries as well. Vehicle manufacturers want to install the program in their electric vehicles. Insurance companies launch new services and business models for stationary electricity storage based on the technology. And power tools are also monitored with this innovative product. The two founders Dr. Stephan Rohr and Dr. Michael Baumann are excited that “the customer interest was overwhelming from day one”. They had developed the innovative software for over five years at the Technical University of Munich as part of their research. When they started their company at the end of June 2018, they had no idea how rapidly the project would develop: To date, TWAICE has grown from four to over 25 employees and already expanded the office space twice.
The latest recognition for the work came in May. A total of 3.2 million euros was invested by venture capital firms in the first year alone. This proves the great prospects of this technology. With the help of the funds, TWAICE now wants to grow even stronger.
This is urgently needed as the innovative software supports sectors of the economy that are just beginning to develop. This includes electromobility, but also the renewables. Both applications require powerful, modern batteries.
Such energy storage systems will soon be deployed almost everywhere, even in trucks. A major commercial vehicle manufacturer is, therefore, using TWAICE software to validate the batteries in its planned electric trucks. A nationwide testing company, on the other hand, wants to enable the evaluation of used electric cars with the help of TWAICE. The software is essential for this: It shows how heavily the battery was used during operation. This is the only way to make reliable statements about the condition and remaining service life of the battery which is by far the most expensive part of an electric car. It is therefore particularly important when assessing the value of the vehicle.
The same applies to power tools: they too will be equipped with TWAICE software. In this case, a major manufacturer wants to validate their batteries and develop a business model for the after-sales sector. Another TWAICE project of the first year: A leading global insurance group is developing a policy for stationary energy storage. The software provides information about the use of the insured battery and enables predictive maintenance to prevent damages.
Other companies have announced their interest in the TWAICE software, and new cooperation agreements are being negotiated on a weekly basis. In order to be able to implement these orders, the young company urgently needs more employees. Colleagues from eight different nations are already working at the company headquarters in the north of Munich. They love the open and relaxed atmosphere in the TWAICE office. These employees are absolute specialists in their field. In the future, the company will continue to look primarily for specialists in the field of battery modeling. Their primary target is to advance the digital battery twin. This is the basis for the analysis of the battery and for statements on its state of health.
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.