Twaice has secured more than two million euros in new funding. The money is being provided by Berlin-based VC financier Cherry Ventures, with participation from existing investors UVC Partners and Speedinvest.
With a further two million euros in funding, Twaice can now look back on a successful seed financing round totaling 3.2 million. The battery analytics startup was already able to 1.2 million euros from lead investor Unternehmertum Venture Capital Partners and Speedinvest. This round has now been topped up by a further two million euros from Cherry Ventures.
Reduce operating costs with predictive maintenance using Twaice
Twaice — a spin-off from the Technical University of Munich — is working on software that analyzes lithium-ion batteries in real time, predicts their lifespan, and even extends it. In recent months, the Munich-based startup has demonstrated the added value the technology can create in various customer projects.
The benefits extend along the value chain and support various industries. The Twaice software aims to provide customers with more precise knowledge of the processes in batteries during use. This helps manufacturers validate their complex battery systems. This allows, for example,
but also operators of electric vehicle fleets can reduce their operating costs through predictive maintenance.
The software is now used in trucks, cars, and stationary power storage systems. But it can also be used in smaller applications such as power tools.
Rapid professionalization in a short time
The founders Stephan Rohr and Michael Baumann are pleased about the next round of financing:
“The incredibly strong customer interest and the expansion of our team have led to rapid professionalization within just six months.”
And Thomas Lueke from Cherry Ventures says:
"We are thrilled by the strong team of battery technology experts the founders have been able to build in such a short time. We are at an inflection point in the adoption of electromobility and the development of stationary energy storage. We see Twaice's approach as a unique opportunity to advance the field through software and are convinced that digital twins can redefine the industry."
