Twaice, a Munich, Germany-based predictive battery analytics software startup, raised more than €2m in new funding.
This round, which is increasing its seed financing to €3.2m, was led by Cherry Ventures with participation from existing investors UVC Partners and Speedinvest. In a first round during the autumn of 2018, the company had already raised €1.2m from UVC Partners and Speedinvest.
The company intends to use the funds for rapid customer expansion and business development. It is planning to build up its workforce rapidly in order to be able to implement the current and expected order volume.
Co-founded by Stephan Rohr and Michael Baumann in 2018 as a spin-off from Technical University of Munich, Twaice provides enterprises across industries with predictive analytics software, which 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, the system closes the loop between product development and application and opens up new possibilities, such as predictive maintenance and warranty extension.
The software is now used in trucks, cars and stationary power storage. The solution is also deployed in smaller applications such as power tools.