TWAICE, a battery analytics company, has secured $30 million in additional Series B financing led by global investment firm Coatue. The round extension, which includes personal investment from Lip-Bu Tan and participation from existing investors, builds on TWAICE’s $26 million Series B in May 2021 led by Energize Ventures.
The funds will be used to further optimize TWAICE’s cloud analytics platform and expand its presence in Europe and North America, including growing its new Chicago-based office.
TWAICE cell testing
Current demand for high-performance battery technologies is driven by the acute need for reliable renewable energy storage and the move to all-electric line-ups by automotive manufacturers globally. The battery is currently the most expensive component in an electric car; warranty periods and battery health are paramount to potential buyers and OEMs.
TWAICE’s software addresses key challenges in the battery lifecycle by generating insights into battery aging that show how healthy a battery is, while making highly accurate predictions on its future performance.
TWAICE has increased its sales by roughly 250% since May 2021. The company’s growing customer base includes more than five of the world’s leading OEMs and several major renewables developers and operators.
The investment by Coatue, a New York-based investment firm with $60 billion of assets under management, reinforces the company’s emerging status as a leading global provider of battery analytics software.