We’re excited to announce Energize’s continued investment in TWAICE, the leading predictive analytics software for batteries. This funding includes $30M in additional Series B capital led by global investment firm Coatue, with participation from Lip-Bu Tan and existing investors. The round builds on TWAICE’s $26M Series B led by Energize in May 2021. The new capital will be used to further build out TWAICE’s suite of cloud analytics products as well as expand its presence in Europe and North America.
Energize has been tracking the battery analytics landscape for over five years. We originally met the TWAICE co-founders Stephan Rohr and Michael Baumann as they were spinning out the company from the University of Munich. In closely monitoring the space, Energize recognized that software will be critical in helping the battery industry achieve scalability as the world transitions towards mass electrification. The levelized cost of batteries has declined by 80 percent over the last decade, but the “soft costs” of engineering, design and operations still inhibit scale by slowing battery implementation. By minimizing these soft costs, TWAICE’s solution improves the economics of battery storage and electric vehicles, in turn helping drive adoption.
Since our initial investment last year, market tailwinds for energy storage and electric mobility have continued to pick up speed. Auto OEMs, mobility firms and energy storage developers are realizing that they need a way to scale the design and life-cycle analytics of their assets. The increasing volume of energy storage assets and electric vehicles necessitates a software solution to manage batteries at scale. TWAICE has become the de-facto software solution for battery analytics and has increased sales by roughly 250 percent in the last year.
With its headquarters in Munich and new offices in Chicago and Paris, TWAICE’s vicinity to auto OEMs and energy storage developers has enabled the company to build strong customer relationships that guide its customer-driven product strategy. Dynamically reacting to customer input, TWAICE has expanded its suite of battery simulation, health analytics and operating strategy planners for energy storage and mobility. Today, more than five of the world’s leading auto OEMs and several major energy storage developers use TWAICE to design and monitor their battery assets worldwide.
Nothing says customer satisfaction quite like customer renewal. Since our investment, several of TWAICE’s key customers have renewed their licenses and have integrated the platform into many of their core strategic initiatives. At Energize, we’ve seen firsthand how TWAICE’s approach to customer feedback and product development builds a loyal and satisfied customer base. We look forward to supporting TWAICE as it becomes the backbone platform of battery design and analytics.
TWAICE has continued to build out a world-class team to support the company’s growth. They recently expanded their presence in the U.S. with the addition of a base here in Chicago, and the new capital infusion will go towards further growing the team. From product to engineering to sales, TWAICE is well-equipped to scale and capitalize on the market opportunity for battery analytics software. Energize is excited to support Stephan, Michael and the rest of the organization in their next step forward!