Twaice picks up backing from Cherry Ventures to help electric vehicles eke out more battery life
Twaice, a Munich-based startup developing “predictive analytics” software to help with battery management in electric vehicles and other devices, has raised €2 million in additional seed funding.
The round is led by Berlin’s Cherry Ventures, with participation by existing investors UVC Partners and Speedinvest. It brings the total raised at seed stage by the nine month-old company — a spin out of Technical University of Munich (TUM) — to €3.2 million.
Already used in trucks, cars, e-scooters and stationary power storage, the Twaice software creates a “digital twin” of battery systems by utilising sensor data, and physical and data-driven battery models. From here it claims to be able to analyse and make accurate real-time predictions about the “health status” of an energy storage system.
Use-cases include closing the loop between product development and application, as well as new possibilities such as predictive maintenance and extending a product’s warranty.
“Batteries represent 30 to 50 percent of the electric vehicle costs, but they are complex blackboxes and degrade over lifetime,” Twaice co-founder Dr. Stephan Rohr tells TechCrunch.
“The complexity creates enormous risks and challenges for manufacturers of battery electric vehicles, as they have to test and model the 8 to 10 years