Battery analysis software company Twaice raises $26 million

Gasgoo News Over time, all batteries will degrade. For automakers, fleet managers and other companies, the key to profitability is to understand when they can be profitable. However, without extensive and expensive testing, it is difficult to understand the health and status of the battery, and it is even more difficult to test once the battery is installed in the car. Twaice, a German battery analysis software company, has been paying attention to this issue since its establishment in 2018. According to foreign media reports, on May 19, local time, the company announced that it had raised $26 million in a Series B financing led by Energize Ventures in Chicago. Twaice mainly serves the mobile travel and energy storage industries, and now the total financing amount has reached 45 million US dollars. The company plans to use the newly financed funds to expand its business influence in Europe, and may even enter the US market; in addition, it also hopes to build more use cases on its analytics platform, such as with fleet suppliers, not just Cooperation with car manufacturers. The original intention of Twaice was to build a battery analysis platform that covers the entire life cycle of the battery system, including the Ru0026D and operation phases. The company also introduced suitable tools for the battery design and development phase and when the battery is actually used in cars or energy storage systems. Audi, Daimler and HeroMotors are some of the company's customers. One of the company's innovative concepts is the 'digital twinThe company is constantly updating the parameters of the 'twins' to reflect the actual battery behavior and thermal characteristics, electrification performance, and degradation. This also means that companies operating fleets or electric vehicle buses can monitor the status of each vehicle battery pack . In addition, Twaice also provides some solutions before the battery is installed in the car or energy storage system, allowing battery design engineers to use simulation to reduce the test workload, such as evaluating charging strategies, evaluating the depth of discharge, evaluating different battery chemistries, etc. One of the important use cases of Twaice software is to track warranty status and security risks. Using battery analysis technology, OEMs can understand the specific location of the battery failure, such as whether it is in the battery cell or the module, and can also obtain valuable data about future warranty based on previous data. Lennart Hinrichs, commercial director of Twaice, said that for OEMs, the warranty is very risky, partly because the battery is complex and it is difficult to figure out what is going on once it is used in a car. However, understanding the battery life is also very helpful for consumers. Twaice has established a cooperation with the German testing and certification agency T? VRheinland, committed to reselling electric vehicles in the private market, and finally providing a standard evaluation for the second-hand battery market. process. Once the battery is no longer suitable for the first application, the company can use Twaice's software to evaluate the remaining service life and health of the battery system to determine whether it is suitable for secondary use or should be recycled directly. Twaice's last round of financing was conducted in March 2020, led by early-stage wind company Creandum, with participation from existing investors such as UVCPartners, CherryVentures and Speedinvest.