TWAICE – a battery analytics company that helps customers in mobility and energy grow safely and sustainably by enhancing the transparency and predictability
of batteries – has secured $30 million in additional Series B financing led by global investment firm Coatue.
The round extension, which includes personal investment from Lip-Bu Tan and participation from existing investors, builds on TWAICE’s $26 million Series B in May 2021 led by Energize Ventures. The funds will be used to further optimize TWAICE’s cloud analytics platform and expand its presence in Europe and North America, including growing its new Chicago-based office.
The battery sector’s market potential is estimated to reach $168 billion by 2030. According to analysis by Energize, this growth supports a $12 to $20 billion opportunity for the battery software market. Current demand for high-performance battery technologies is driven by the acute need for reliable renewable energy storage and the
move to all-electric line-ups by automotive manufacturers globally. The battery is currently the most expensive component in an electric car, meaning warranty periods and battery health are paramount to potential buyers and OEMs. TWAICE’s software addresses key challenges in the battery lifecycle by generating insights into battery aging, while making highly accurate predictions on its future performance.
TWAICE has increased its sales by roughly 250 percent since May 2021. The company’s growing customer base includes more than five of the world’s leading OEMs and several major renewables developers and operators.
“We are building the world’s most complete predictive battery analytics platform, accessible to all companies driving the transformation to a cleaner and greener battery-powered world,” said TWAICE co-CEO and founder Stephan Rohr.
Co-CEO and founder Michael Baumann added: “In the last year we tremendously increased our mobility OEM and energy customer base, established new business segments for bus and commercial fleet operators, and formed a new product offering for EV residual value certification. We credit our strong team at TWAICE and the support of all our investors for these latest successes.“