The battery optimisation software spinout of TUM has received the new funding after a UVC Partners-backed series A round closed approximately a year ago.
Twaice, a Germany-based battery analytics technology spinout of Technical University of Munich (TUM), has secured $26m in a series B round led by venture capital firm Energize Ventures and backed by all returning investors, which include university-linked Unternehmertum Venture Capital (UVC) Partners.
Founded in 2018, Twaice is working on artificial intelligence and data-enhanced software that helps predict lithium-ion batteries’ ageing process and optimise their performance. The latest cash infusion will go towards improving the company’s technology and expanding its presence globally.
Twaice had raised $12.1m in a series A round in April 2020 led by Creandum, which invested alongside UVC Partners, Cherry Ventures and Speedinvest.
UVC Partners and Speedinvest had taken part in a Cherry Ventures-led $2.2m seed round in mid-2019, after a $1.4m seed round the year before co-led by UVC Partners and an unnamed vehicle for Speedinvest.
Twaice co-chief executive Michael Baumann said: “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.”