Battery Health Prediction: Twaice Secures $26 Million in Series B Funding

The gradual decline in performance is a characteristic of all batteries. For businesses such as automotive manufacturers and fleet operators, a critical factor – and a key driver of profitability – lies in accurately predicting when this degradation will occur.

The Challenge of Battery Health Assessment

Determining the health and condition of a battery is often surprisingly complex, requiring comprehensive and costly testing procedures. Such detailed analysis isn’t always feasible once the battery is integrated into a vehicle.

Founded in 2018, Twaice, a German company specializing in battery analytics software, has been dedicated to addressing this challenge. The company recently announced a $26 million Series B funding round, spearheaded by Chicago-based Energize Ventures.

With this latest investment, Twaice’s total funding now reaches $45 million. The company focuses primarily on the mobility and energy storage sectors.

Twaice’s Comprehensive Analytics Platform

“Our initial goal at Twaice was to develop a battery analytics platform that encompasses the entire battery lifecycle,” explained Stephan Rohr, co-founder of the company, to TechCrunch. This includes both the development and operational stages.

Twaice provides tools designed for both the design and development phases, as well as for monitoring batteries during their use in vehicles or energy storage systems. Notable customers include Audi, Daimler, and Hero Motors.

Expansion Plans and Future Development

The newly acquired funding will be utilized to broaden Twaice’s commercial presence throughout Europe and potentially extend its reach into the United States.

Furthermore, the company aims to expand the functionality of its analytics platform, exploring collaborations with fleet providers in addition to manufacturers.

The “Digital Twin” Concept

A core innovation from Twaice is the implementation of a “digital twin” – a sophisticated simulation model of the battery system operating on the company’s cloud platform.

This “twin” is continuously updated with real-time data, accurately mirroring the actual battery’s behavior, including its thermal properties, electrical characteristics, and degradation patterns.

This allows operators of EV fleets, for example, to remotely monitor the condition of the battery packs in each vehicle.

“This capability not only provides insight into the current battery health but also enables us to simulate and forecast its future performance,” Rohr stated.

Early-Stage Battery Design Support

Twaice also offers solutions applicable before the battery is even installed in a vehicle or energy storage system.

“Battery design engineers leverage our simulations to minimize testing requirements, evaluate charging strategies, assess depth of discharge, and compare different cell chemistries,” Rohr clarified.

Warranty Management and Safety

A significant application of Twaice’s software lies in warranty tracking and the identification of potential safety hazards.

By analyzing battery data, OEMs can pinpoint the exact location of failures – whether at the cell or module level – and gather valuable insights for future warranty claims.

Warranties represent a substantial risk for OEMs, according to Lennart Hinrichs, Twaice’s commercial director, due to the inherent complexity and difficulty in understanding batteries once they are deployed.

Potential Benefits for Consumers

Improved understanding of battery life could also benefit consumers. Twaice has partnered with TÜV Rheinland, a German testing and certification institute, to develop a standardized assessment process for batteries in the used EV market.

Second-Life Applications and Recycling

When a battery is no longer suitable for its original purpose, Twaice’s software can assess its remaining lifespan and health to determine its suitability for a second-life application or whether it should be recycled.

Previous Funding

Twaice’s prior funding round, completed in March 2020, was led by Creandum, an early-stage venture capital firm, with participation from existing investors UVC Partners, Cherry Ventures, and Speedinvest.