Home Technology Twaice Raises US$ 2.2 million in Funding from Cherry Ventures
Twaice Raises US$ 2.2 million in Funding from Cherry Ventures

Twaice Raises US$ 2.2 million in Funding from Cherry Ventures

The software analyzes, simulates, and predicts each individual battery’s lifetime.

Twaice is a Munich-based startup that develops predictive analytics software to help with battery management of electric vehicles and other devices. Recently the startup has raised US$ 2.2 million in additional seed funding. This round was led by Cherry Ventures, a Berlin-based company, along with existing investors Speedinvest and UVC Partners. The nine-month-old company, created by students from the Technical University of Munich has raised around US$ 3.5 million dollars up until. The rapid growth of this small startup has shown promising signs for the future development of the company.

Twaice has created a software ‘digital twin’ of battery system by utilizing power data, physical and data-driven battery models, primarily used in cars, trucks, and e-motors. The company claims that software analyzes and makes accurate real-time predictions about the health status of the energy storage system. “Batteries represent 30 to 50 percent of the electric vehicle costs, but they are complex black boxes and degrade over a lifetime,” said Dr. Stephan Rohr, Twaice co-founder. Furthermore, he added, “The complexity creates enormous risks and challenges for manufacturers of battery electric vehicles, as they have to test and model the 8 to 10 years lifetime of a battery in only six to 12 months of testing time.”

The co-founder said through augmentation of empirical-analytical models and machine learning, the company’s software will be able to analyze, predict, and simulate each individual battery’s lifetime. To put it in perspective, Twaice generates revenue via a software-as-a-service model. The company charges an annual recurring fee per digital twin which is based on the number of batteries used. The company was founded by Stephan Rohr and Michael Baumann in 2018 as a spin-off from the Technical University of Munich.