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A Munich startup gets off to a flying start with battery twins

The young company Twaice develops predictive battery analysis software based on digital twins. Thanks to the great interest shown by the automobile industry, the Munich startup has already collected more than two million euros in fresh funds.

26 Jun. 2019
Photo: TWAICE Technologies GmbH

Although Twaice was founded only nine months ago, it already managed to secure 1.2 million euros of initial funding back in the autumn of 2018. The startup attributes its rapid growth to the “significantly accelerated” electrical strategy of many automotive sector customers. Twaice’s software creates a digital twin of battery systems. This twin facilitates predictions about the future state of the energy storage systems, thus improving the use of lithium-ion batteries and extending their service life. According to the startup, the software is now being used in trucks, cars and stationary power storage units. Twaice plans to invest the fresh inflow of funds in additional human resources, among other things.

Predictive analytics thus seems to be increasingly meeting the high expectations. In a study conducted in 2018, the consulting firm Roland Berger came to the conclusion that the predictive maintenance market could grow by 20 to 40% per year by 2022