Battery analytics platform TWAICE announces $30 million funding led by Coatue
Company has raised $75 million to-date as it builds solutions to enhance the battery lifecycle.
TWAICE, a battery analytics company that helps customers in mobility and energy grow safely and sustainably by enhancing the transparency and predictability of batteries, today revealed that it 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 our investors’ analysis, this growth supports a $30 to $50 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 that show how healthy a battery is, 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 Dr. Stephan Rohr. Co-CEO and founder Dr. 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.”
The investment by Coatue, a New York-based investment firm with $60B of assets under management, reinforces the company’s emerging status as a leading global provider of battery analytics software.
“TWAICE has built a holistic analytics platform for batteries with a strong customer base in automotive, fleet and energy,” said Jaimin Rangwalla of Coatue. “We are excited to partner with TWAICE as it solves challenges along the value chain, improving the profitability of batteries while reducing the risk for manufacturers and users.”