Twaice raises $30 million

The cleantech has developed software to analyze batteries to extend their life cycle. Now a new investor is getting on board.

Munich-based startup Twaice is raising $30 million in a Series B funding round, as the Handelsblatt reports. Investor Coatue is participating in the process. Twaice plans to use the new capital to further develop its technology and expand its presence in Europe and North America. "We want to establish the world leader in battery analytics software here in Germany," co-founder Michael Baumann tells the Handelsblatt.

Baumann co-founded the startup with Stephan Rohr in 2018. The founders have developed analytics software that examines batteries to increase their lifespan and efficiency. This technology could be used in e-vehicles, energy supply and battery manufacturing, he said. The startup has already won well-known customers such as Audi and Mercedes-Benz with this technology.

According to the company, Twaice has more than tripled its revenue in the last twelve months. According to industry estimates, the company would be heading straight for double-digit million sales.