TWAICE raises €11 million series A to power internationalisation efforts and scaling

EIT Climate-KIC supported TWAICE, a Munich-based battery specialist, has raised €11 million from early-stage VC investor Creandum and existing investors Cherry Ventures, UVC Partners and Speedinvest. The funding will be used to further scale TWAICE software and power internationalisation efforts to contribute to the availability of sustainable mobility and energy solutions.

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, and investments. 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 per cent.

 
Location
Germany
Related Focus Area
Urban Transitions
Related Goal
Goal 1: Promote retrofit and decentralised energy
Articles you may be interested in
In The News
Anders Wijkman represents EIT Climate-KIC at the International Society for the...

Speaking online at the inaugural Conference of IS4CE—the International...

Anders Wijkman represents EIT Climate-KIC at the International Society for the Circular Economy Conference
In The News
Vienna’s journey to carbon neutrality

EIT Climate-KIC is working with the city of Vienna...

Vienna’s journey to carbon neutrality
In The News
EIT Climate-KIC receives €8.4 million for innovation projects that stimulate...

Eleven climate innovation projects across Europe tackling COVID-19 related...

EIT Climate-KIC receives €8.4 million for innovation projects that stimulate job creation and support a post COVID-19 green recovery
In The News
CEO Kirsten Dunlop represents EIT Climate-KIC at Climate Policy Forum

On 25 June, EIT Climate-KIC attended the Climate Policy...

CEO Kirsten Dunlop represents EIT Climate-KIC at Climate Policy Forum
In Detail
A net zero future offers significant opportunities for the European economy,...

EIT Climate-KIC’s views on the EU 2030 Climate Target Plan.  The recent announcements from the European Commission on the EU Recovery Plan from the...

A net zero future offers significant opportunities for the European economy, society and citizens
In The News
EIT Climate-KIC supported LOOP-Ports project wins prestigious sustainability a...

The LOOP-Ports project, led by the Fundación Valenciaport  and funded by EIT Climate-KIC,...

EIT Climate-KIC supported LOOP-Ports project wins prestigious sustainability award
In The News
EIT Climate KIC joins roundtable as Republic of Korea moves Green Deal forward

On 24 June, EIT Climate-KIC attended the 7th Green...

EIT Climate KIC joins roundtable as Republic of Korea moves Green Deal forward
In our community
Water scarcity in Southern Europe: Manufacturing expert insights
Water scarcity in Southern Europe: Manufacturing expert insights
Opinion
A scientist’s opinion: Interview with Cliona Howie Del Rio about systems thinking
A scientist’s opinion: Interview with Cliona Howie Del Rio about systems thinking
In Detail
Citizen activation is essential for Europe to meet its climate ambition

EIT Climate-KIC provides ideas for action under the European Climate Pact. The debate on how to achieve ambitious climate targets is often dominated by...

Citizen activation is essential for Europe to meet its climate ambition
In The News
EIT Climate-KIC shines at the GLF Bonn Digital Conference, the year’s la...

EIT Climate-KIC’s Director of Sustainable Land Use and member...

EIT Climate-KIC shines at the GLF Bonn Digital Conference, the year’s largest global digital conference on the environment
In The News
EIT Climate-KIC supported Accelerator Cities commits to boosting the rate of U...

The UK Green Building Council (UKGBC) has entered a...

EIT Climate-KIC supported Accelerator Cities commits to boosting the rate of UK home retrofits
In The News
EIT Climate-KIC supported Climeworks raises over €67 million to expand its c...

Climeworks, the world leader in capturing CO2 from air,...

EIT Climate-KIC supported Climeworks raises over €67 million to expand its carbon dioxide removal capacities
In The News
EIT Climate-KIC supported Zeleros raises €7 million for the development of h...

EIT Climate-KIC supported Zeleros Hyperloop has completed a financing...

EIT Climate-KIC supported Zeleros raises €7 million for the development of hyperloop in Europe
In our community
A just transformation for Rugeley, as the power station comes down
A just transformation for Rugeley, as the power station comes down
In Detail
Challenging paradigms as the gateway to innovation: New IIPP report for EIT ...

EIT Climate-KIC partner the UCL Institute for Innovation and Public Purpose (IIPP), which works on changing how public value is imagined, practiced and evaluated...

Challenging paradigms as the gateway to innovation: New IIPP report for EIT Climate-KIC’s Landscapes as Carbon Sinks Deep Demonstration
In our community
Water scarcity in Southern Europe: Raw materials expert insights
Water scarcity in Southern Europe: Raw materials expert insights
In Detail
Challenge-led system mapping: A knowledge management approach

The challenge-led system mapping approach responds to the need to improve the practitioner’s capacity to move towards system change by providing mechanisms by which...

Challenge-led system mapping: A knowledge management approach
In The News
EIT Climate-KIC is restructuring to deliver systems transformation for climate...

EIT Climate-KIC is restructuring to provide “systems transformation as...

EIT Climate-KIC is restructuring to deliver systems transformation for climate change
In our community
Water scarcity in Southern Europe: Food expert insights
Water scarcity in Southern Europe: Food expert insights
In The News
EIT Climate-KIC and partners reassess our values in the ‘new normal’

EIT Climate-KIC, together with Edgeryders, ETH Zurich and IOTA,...

EIT Climate-KIC and partners reassess our values in the ‘new normal’
In our community
Water scarcity in Southern Europe: Climate expert insights
Water scarcity in Southern Europe: Climate expert insights
Opinion
Who’s doing what: A news round-up of selected COVID-19 responses and recovery plans
Felicity Spors Head of International Affairs, EIT Climate-KIC
Who’s doing what: A news round-up of selected COVID-19 responses and recovery plans
In The News
Co-Action carbon capture project opens new field plots

Yesterday, EIT Climate-KIC community member ‘Co-Action,’ a carbon capture...

Co-Action carbon capture project opens new field plots
In Detail
Implications of the COVID-19 pandemic for global sustainable finance: An int...

The UN Environment convened Financial Centres for Sustainability (FC4S) recently published a working paper, supported by EIT Climate-KIC, on the implications of the COVID-19...

Implications of the COVID-19 pandemic for global sustainable finance: An internal framework for response strategies
In Detail
A cartoonathon: Using humour to drive insights

Last week, in an event supported by EIT Climate-KIC, over 150 participants from more than 60 countries took part in a virtual ‘cartoonathon’ to...

A cartoonathon: Using humour to drive insights
In The News
EIT Climate-KIC launches Call for Proposals to support post-COVID-19 green rec...

EIT Climate-KIC’s ‘Extraordinary Post COVID-19 Regeneration Call 2020’ will...

EIT Climate-KIC launches Call for Proposals to support post-COVID-19 green recovery
Opinion
COVID-19 responses and recovery plans—the good news and the bad news
Felicity Spors Head of International Affairs, EIT Climate-KIC
COVID-19 responses and recovery plans—the good news and the bad news
Innovation Spotlight
How to engage citizens in a just transformation process

With climate change, we are facing one of the biggest challenges of our lifetime – one that...

How to engage citizens in a just transformation process
In The News
The European Union has the tools to boost a sustainable recovery from the COVI...

In a statement released today, the Technical Expert Group...

The European Union has the tools to boost a sustainable recovery from the COVID-19 pandemic, say TEG experts