Twaice, a munich-based startup developing “predictive analytics” app to support with battery management in electric vehicles and other devices, has raised €2 million in more seed funding.
The circular is led by Berlin’s Cherry Ventures, with participation by existing investors UVC Partners and Speedinvest. It brings the total raised at seed level by the nine-month-old company — a rotate out of Technical University of Munich (TUM) — to €3.2 million.
Already used in trucks, cars, e-scooters and stationary power storage, the Twaice app 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 precise real-moment predictions about the “health status” of a power storage system.
Use-cases include closing the meander between product development and application, as well as brand-new possibilities such as predictive mend and extending a product’s warranty.
“Batteries represent 30 to 50% of the electric automobile costs, but they are complex blackboxes and degrade over lifetime,” Twaice co-founder Dr. Stephan Rohr tells TechCrunch.
“The complexity creates large risks and challenges for manufacturers of battery electric vehicles, as they have to try-out and version the eight to 10 years’ lifetime of a battery in only six to 12 months of testing moment. And after the commence of production, the users of these batteries have the compete to understand how the battery is degrading as the impact of operating parameters on the degradation is too complex and no battery ages like another one.”
Enter Twaice’s “digital twin,” which Rohr says is fed moment-continuous data from a device’s battery management system to constantly update the virtual version of the battery with regard to its current condition.
“Through an augmentation of empirical-analytical models and device learning, we are then also able to predict, simulate and optimize each solo battery’s lifetime,” he says.
To that end, Twaice generates revenue via an app-as-a-service version. The immature company charges an annual recurring fee per digital twin, which scales based on the number of batteries.