Munich-based e-vehicle battery analytics startup TWAICE Technologies has landed a €1.2 million seed funding round from Unternehmertum Venture Capital Partners and Speedinvest shortly after spinning off from TU Munich.
By using its monitoring battery add-ons and proprietary modelling techniques, TWAICE creates “digital twins” of Li-ion batteries to analyse their condition in real-time and predict how long they’d last. It also allows for optimisation of technical parameters, which, the startup states, can lead to a “significant extension of battery lifetime.”
“An automotive manufacturer with for instance 100,000 electric vehicles in the field has battery costs exceeding €1 billion,” said TWAICE co-founder and managing director Dr Stephan Rohr. “Managing these assets will increasingly be essential and a decisive monetary factor.”
TWAICE claims that its solutions can decrease the total operational costs for operators of electric vehicle fleets by up to 25 percent. The startup also markets its solutions to e-vehicle and battery manufacturers, which could offer predictive maintenance services for customers themselves.
Founded in 2018, TWAICE is a spin-off of the Technical University of Munich and a product of four years of research and development.