The Climate-KIC start-up TWAICE has completed its first major financing round with 1.2 million euros. The inventors of “digital battery twins” will be supported as part of the Side Call to our Accelerator, which we launched jointly with Munich Re & ERGO. In the second round, which now begins, an insurance product will be created together. The seed financing comes from Entrepreneurship Venture Capital Partners and Speedinvest. The money will be used to accelerate product development, team expansion and market entry.
After more than four years of research and development in battery analysis software, TWAICE Technologies GmbH was spun off this year at the Technical University of Munich. With the help of the analyses, Li-ion batteries become more reliable, safer and more durable. Although the battery system is the most expensive and most important component in an electric vehicle, it is difficult to determine the current condition and remaining service life of the batteries accurately. TWAICE’s software uses a digital twin to precisely analyze the overall condition of lithium-ion batteries in electric vehicles in real time and predict their lifetime. In addition, by optimizing technical parameters on the basis of specially developed software, it is even possible to significantly extend the service life of batteries.
This is interesting for all companies in the battery value chain and thus for electromobility: According to the company, operators of electric vehicle fleets can reduce overall operating costs by up to 25 percent. Manufacturers of electric vehicles and batteries can also use TWAICE to offer their own predictive maintenance and inspection services. In addition, it is possible at any time to certify the condition as well as the remaining service life of batteries, which makes a second use or resale possible. A longer battery life increases the sustainability of electrical mobility.