Munich-based battery analytics tech startup TWAICE raises $26 million in Series B funding

TWAICE, a Munich, Germany-based tech startup that provides predictive analytics software that optimizes the development and operation of lithium-ion batteries, announced today it has raised $26 million in Series B funding to expand its analytics platform and fuel international expansion.

The heavily oversubscribed round was led by the global alternative investment manager, Energize Ventures, with follow-on participation from all existing investors, bringing TWAICE’s total financing to $45 million.

Founded in 2018 by Michael Baumann and Stephan Rohr, TWAICE provides predictive analytics software that optimizes the development and operation of lithium-ion batteries. TWAICE’s core technology is the digital twin – software that combines deep battery knowledge and artificial intelligence to determine the condition and predict the aging and performance of batteries.

“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. The battery market is estimated to reach $168 billion by 2030.

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.”