Twaice closes multi-million financing round
The Munich-based software company Twaice has raised 26 million US dollars in a new round of financing. Twaice aims to use a digital twin to analyse and predict battery conditions and performance.
The Series B round, led by Energize Ventures, a global alternative investment fund, for the equivalent of 21.3 million euros, was also supported by existing investors. This brings Twaice’s total funding to US$45 million, or €36.8 million, according to the company.
The company plans to use the new funds primarily to expand its analytics platform and drive its international expansion. “We have heavily invested in our battery analytics software to address the challenges in the battery lifecycle,” says Twaice CEO Michael Baumann.
Co-CEO Stephan Rohr says Twaice is now looking to venture into the US. “With the rapid acceleration toward electrification, we are keen to grow in key markets. North America is the logical next step,” Rohr said. With its “impressive portfolio of energy and mobility companies and strong footprint in the United States,” the new investor Energize is the ideal partner, he added.
Twaice’s clients include Audi and Daimler. Twaice also offers corresponding insurance solutions through partners such as MunichRe, certifications with TÜV Rheinland and fleet management services with ViriCiti.
In December 2020, the Munich-based company also opened a new laboratory in Schwabing-Freimann. The real data from the lab will be used to further improve the predictive battery analytics software and adapt it to new battery types. Previously, Twaice was dependent on partner institutes here and was able to expand its capacities with its own facilities.
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