Munich-based startup Twaice receives 1.2 million euros from lead investor in a seed financing round Unternehmertum Venture Capital Partners and Speedinvest. The money will be used for product development, team expansion, and to accelerate market entry.
The spin-off from the Technical University of Munich is working on software that analyzes lithium-ion batteries in real time, predicts their lifespan, and even extends it. Currently, the condition and remaining lifespan of such a battery are difficult and imprecise to determine. Co-founder and Managing Director Stephan Rohr says:
"An automobile manufacturer with, for example, 100,000 electric vehicles in the field has battery costs of over one billion euros. Managing this asset well is becoming increasingly essential and market-decisive. Twaice provides customers such as electric vehicle manufacturers and fleet operators with the solution to this."
Operators of electric vehicle fleets should be able to reduce their overall operating costs by up to 25 percent using the Twaice software. The remaining lifespan forecast should also enable secondary use or resale.
“Digital twins” as a technological basis
The software is based on the AI concept of "digital twins," i.e., simulated digital images of the batteries. Co-founder and Managing Director Michael Baumann laid the foundation for Twaice technology with his research. He says:
"Our digital twins enable the digitization of expert knowledge and provide unprecedented insights into the performance and health of batteries in the field. This is essential not only for the safe and long-lasting operation of electric vehicles, but also for a monetary evaluation, for example, when purchasing a used car."
“Knowledge is of strategic relevance”
Twaice intends to invest the capital in product development, team expansion and market entry. Benjamin Erhart, Partner at UVC Partners, says:
"Twaice provides the specific know-how for the rapidly growing electromobility market of the future to determine and optimize battery condition in real time. This knowledge is of strategic relevance for battery manufacturers and automobile manufacturers as well as fleet operators."
The startup was founded this year and has already completed a number of programs from UnternehmerTUM, including the incubator Xpreneurs. The team recently won a Hauptpreis im Gründerwettbewerb – Digitale Innovation and was in the Top 30 Cleantech Startups from Climate-KIC chosen.
