UVC Partners has returned to back TUM battery management software spinout Twaice's latest seed round, after featuring in the company's inaugural transaction in September 2018.
Twaice, a Germany-based battery management analytics spinout of Technical University of Munich (TUM), has attracted €2m ($2.2m) in a seed round backed by the VC affiliate of TUM’s tech transfer office, Unternehmertum, TechCrunch reported on Tuesday.
Unternehmertum Venture Capital (UVC) Partners was joined by VC fund manager Cherry Ventures, which led the round, and Speedinvest.
Founded in 2018, Twaice is working on a predictive analytics-oriented software product that tracks the condition of energy storage units in products such as electric vehicles.
Based on a combination of sensor data and modelling, the software is able to create a virtual replica of the battery known as a digital twin, from which it is able to accurately gauge and predict developments in real-time.
Twaice generates revenue through a software-as-a-service model, charging a recurring annual fee for each digital twin the client requires.
The spinout had already raised $1.4m of seed funding in a September 2018 round co-led by UVC Partners and an unspecified fund owned by Speedinvest.