1 The EIC Accelerator Project
EIC Accelerator Program Overview
The European Innovation Council (EIC) Accelerator program is a flagship initiative designed to support small and medium-sized enterprises (SMEs) and startups within the European Union, particularly those engaged in innovative technologies and deep-tech sectors. The program aims to help these companies scale their operations, bring their innovations to market, and secure funding from private investors.
Funding Structure
The EIC Accelerator offers a dual funding mechanism that includes both grants and equity investments.
Purpose within the European DeepTech Ecosystem
The EIC Accelerator plays a pivotal role in the European deep-tech and startup ecosystem by addressing the financial and operational challenges faced by cutting-edge companies. It fosters innovation and entrepreneurship by providing the necessary resources for businesses to develop groundbreaking technologies. By encouraging the commercialization of advanced research and promoting synergies between startups and larger enterprises, the EIC Accelerator aims to bolster Europe's global competitiveness in technology.
Support for Scaling and Funding
Through mentorship, business support, and access to a network of investors, the EIC Accelerator enables companies to refine their business models and increase their attractiveness to private investors. The program offers tailored coaching and advisory services, helping startups to improve their market strategies and operational efficiencies. This holistic support not only enhances the companies' capabilities but also increases their chances of securing further investments from the private sector.
TWAICE Technologies GmbH: EIC Accelerator Winner
TWAICE Technologies GmbH, based in Germany, is a notable winner of the EIC Accelerator funding. The company specializes in predictive battery analytics through its project titled "Predictive Battery Analytics," which aims to optimize and automate the second life and re-use of batteries.
Project Overview: Predictive Battery Analytics
The "Predictive Battery Analytics" project focuses on the development of a digital twin ecosystem that utilizes advanced predictive analytics to enhance battery management systems. This technology is crucial in maximizing the lifespan and efficiency of batteries, particularly in the context of sustainable energy solutions.
Technology Basics and Background
TWAICE's technology revolves around predictive analytics, which leverages data-driven insights to enhance battery performance and longevity. By creating a digital twin of battery systems, TWAICE can monitor real-time data, forecast performance, and provide actionable insights for battery management. This approach allows for early identification of potential issues, optimizing charging cycles, and improving overall energy efficiency.
The digital twin ecosystem enables TWAICE to simulate various scenarios and conditions under which batteries operate, thus facilitating better decision-making regarding maintenance and re-use. This technology is particularly pertinent in the context of electric vehicles and renewable energy systems, where battery performance is critical.
The initiative not only contributes to the sustainability of battery usage but also addresses the growing concerns related to battery disposal and recycling. By focusing on the second life of batteries, TWAICE is positioned to play a significant role in promoting circular economy principles within the energy sector.
In summary, the EIC Accelerator program provides vital support to innovative companies like TWAICE Technologies GmbH, enabling them to develop and scale groundbreaking technologies that contribute to a more sustainable future. Through funding and strategic guidance, the EIC Accelerator is crucial in empowering the deep-tech ecosystem across Europe.
2 The Funding Rounds
Financing Raised by TWAICE Technologies GmbH (Germany) Since EIC Accelerator Funding
TWAICE Technologies GmbH, a German company specializing in battery analytics, has experienced significant growth in funding and investor interest since submitting its successful EIC Accelerator proposal on March 23, 2022. Below is a detailed overview of their financing history, funding rounds, investor landscape, and exit events as of April 2025.
Total Funding Raised
Funding Rounds: Timing, Amounts & Investors
| Date | Round | Amount | Lead Investors / Notable Participants |
|---|---|---|---|
| Early 2018 | Seed | €1.2M | Unternehmertum Venture Capital Partners, Speedinvest |
| Late 2018 | Seed Extension | to €3.2M total | Unternehmertum Venture Capital Partners |
| May 2020 | Series A | €11M | Creandum |
| May 19, 2021 | Series B | $26M | Energize Ventures (lead), others |
| April 26,22† | Series C (or B extension) | $30M | Coatue (lead), Lip-Bu Tan (personal investment), Energize Ventures and existing investors |
| June/May ‘22†² | |||
| Incubator/Accelerator - III; Grant Unknown Amazon Sustainability Accelerator | |||
| May 28,24 Grant – II Unknown Amazon Sustainability Accelerator |
</em> The “Series C” round referenced in some sources may reflect U.S.-style labeling or an extension of the earlier Series B.
† The April–June dates coincide with the period after TWAICE’s success at the EIC Accelerator Step-3 interview cutoff date.
Key Investors Across Rounds
- Venture Capital:
- Unternehmertum Venture Capital Partners
- Speedinvest
- Creandum
- Energize Ventures
- Coatue
- Notable Individuals:
- Lip-Bu Tan
- Accelerators & Other Programs:
Company Valuation
Publicly disclosed valuations are not available for each round. However:
- By reaching a cumulative raise above $70 million through large international rounds led by top-tier VCs such as Coatue and Energize Ventures—and closing a "Series C"—TWAICE would typically be valued well above $100 million by late-stage European startup standards.
- This is consistent with companies that have achieved sustained revenue growth and international expansion potential after several years of market validation.
Exit Events: IPOs or Acquisitions
As of April 30th, 2025:
- There are no public reports or announcements regarding an initial public offering (IPO), acquisition/buyout event involving TWAICE Technologies GmbH.
- The company remains private and continues to operate independently with growing partnerships and project deployments globally.
Additional Notes Related to Recent Activity
Since winning the EIC Accelerator award: - TWAICE has continued launching new analytics tools for emerging battery chemistries,
- Expanded research collaborations internationally,
- Has not reported any change-of-control transactions or plans for imminent public listing as per available newsrooms up to early Q2/2025.
Summary Table — Major Funding Milestones
| Round Amount Date Lead Investor(s) Notes
Seed €1.2M Early/Mid–2018 Unternehmertum VC; Speedinvest Spinoff from TU Munich
Seed Extension Up to €3.2M Late–2018 Unternehmertum VC Rapid customer uptake
Series A €11M May–2020 Creandum Scaling operations
Series B $26M May–19–2021 Energize Ventures International expansion
Series C/B Ext. $30M Apr–26–22 Coatue/Lip-Bu Tan/Energize Post-EIC win; further scale-up
Grant-II etc n/a May–28–24 Amazon Sustainability Accel., others EU/public grants
Sources:
- New Funding – TWAICE
- TWAICE Series B Announcement
- TWAICE Seed Funding Details
- Series A Fundraising News
- Why We're Continuing to Invest in TWAICE – Energize Capital
- CB Insights: Financials & Rounds Information
3 The Press Releases
TWAICE Technologies: Innovations and Partnerships Post-EIC Accelerator Funding Since securing EIC Accelerator funding in March 2022, TWAICE Technologies GmbH has expanded its battery analytics platform through strategic partnerships, product advancements, and industry-focused solutions. Below is a synthesis of key developments from press releases and blog posts on their official website (twaice.com) and related sources.Product Advancements
- Usable Energy & Recoverable Energy Features (February 2025): New tools for battery energy storage systems (BESS) to improve availability by identifying energy losses and optimizing performance.
- Roundtrip Efficiency (RTE) Tracking (March 2025): Added to TWAICE Energy Analytics for precise warranty compliance monitoring by analyzing efficiency across battery components.
- Anode Potential Model for Fast Charging (January 2025): Mitigates lithium plating risks in fast-charging batteries, enhancing safety and longevity.
- Sodium-Ion Battery Aging Model (August 2024): First simulation model for non-lithium batteries, supporting emerging sodium-ion technology adoption.
Strategic Collaborations
- Modo Energy Integration (April 2025): Combined analytics with revenue data to optimize BESS performance in ERCOT’s competitive electricity market.
- Element Materials Technology Partnership (October 2024): Enhanced U.S. battery testing capabilities by integrating Element’s lab services with TWAICE’s simulation models.
- BearingPoint Alliance: End-to-end battery lifecycle management solutions for automotive and energy sectors since September 2020 (ongoing collaboration highlighted in recent updates).
Industry Impact & Recognition
- BESS Failure Analysis: Joint study with EPRI/PNNL identifying root causes of storage failures to improve engineering standards.
- Global Growth: Over €75M raised total funding; analysis of >5GWh BESS capacity; projects across mobility/energy sectors involving BMW, Audi, etc.
Sources Used: Bullet List Formatting Guidelines Followed Below
``` Sources: - How TWAICE’s Usable Energy Makes System Availability More Transparent- Track Warranty Contracts Using Roundtrip Efficiency
- Unlock Next Generation Fast Charging
- Simulation Model for Sodium-Ion Batteries
4 The Technology Advancements
TWAICE Technologies GmbH: Current Capabilities and Advancements
Overview of TWAICE Technologies GmbH
TWAICE Technologies GmbH is a Munich-based company specializing in battery analytics software, founded in 2018 by Stephan Rohr and Michael Baumann. The company focuses on developing predictive battery analytics platforms to optimize battery performance, safety, and lifespan across various sectors, including energy and mobility.
Current Capabilities
TWAICE provides comprehensive software solutions for battery asset managers and operators, as well as OEMs, to enhance the development, management, and optimization of batteries. Their software utilizes AI to deliver detailed insights into battery state-of-health and aging forecasts, ensuring maximized lifespan and reduced maintenance costs. This capability is particularly valuable for electric vehicle manufacturers and fleet operators.
Advancements Since EIC Accelerator Funding (2022)
Since receiving funding, TWAICE has continued to innovate and expand its offerings:
- Awards and Recognition: The company won the Power2Drive AWARD 2023 for its Mobility In-life Battery Health Analytics Solution, recognizing its contribution to improving battery performance and reducing costs in the electric vehicle sector.
- Partnerships and Collaborations: TWAICE collaborated with ChargePoint to integrate its battery analytics into ChargePoint's Data Hub, enhancing e-mobility management and winning the Busworld Digital Award 2023. Additionally, partnerships with companies like Munich Re support fleet owners in making informed decisions based on reliable battery status information.
- Technological Enhancements: The company has advanced its simulation models, introducing new features such as Open Circuit Voltage (OCV) aging and degradation modes simulation. These models improve the accuracy of electric models and offer insights into complex degradation processes.
- New Patents: TWAICE has filed and been granted several patents related to battery characterization and state value determination, further solidifying its expertise in battery analysis.
- Market Presence: With over 140 employees and more than 5 GWh of analyzed battery systems, TWAICE has established itself as a global leader in battery analytics, working with major energy and mobility players.
Demonstrations and Deployments
TWAICE has demonstrated its technology through numerous projects and partnerships across the energy and mobility sectors. Its solutions are used to enhance both the development and operational phases of lithium-ion batteries, contributing to extended battery lifespan and reduced operational costs.
Scientific Studies and Publications
The company has presented research on advanced battery simulation models, focusing on physicochemical-mechanical degradation effects. A whitepaper on new aging models highlights TWAICE's commitment to enhancing battery performance and lifespan through advanced analytics and AI.
Conclusion
TWAICE Technologies GmbH has made significant advancements in battery analytics since receiving the EIC Accelerator funding. The company's innovative solutions and partnerships have positioned it as a leader in the battery analytics sector, with a strong focus on sustainability and technological innovation.
Sources: - TWAICE Battery Analytics Software
- Power2Drive AWARD for TWAICE Mobility In-life Battery Health Analytics
- ChargePoint & TWAICE Win Busworld Digital Award 2023
- About TWAICE
- Power2Drive AWARD Winner 2023: TWAICE Technologies
- EIT Climate-KIC Supported TWAICE Raises EUR 11 Million
- TWAICE Simulation Models: A Deep Dive
- Patents Assigned to TWAICE TECHNOLOGIES GMBH
- A New Generation of Aging Models for Lithium-Ion Batteries
5 The Partnerships and Customers
TWAICE Technologies GmbH: Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Since securing EIC Accelerator funding in March 2022, TWAICE has expanded its partnerships and customer base to strengthen its position as a leader in predictive battery analytics. Below is an overview of key collaborations and their strategic impact:Key Partnerships
- Element: Collaborated on advancing battery testing capabilities through joint R&D efforts, enhancing TWAICE’s ability to validate battery performance under diverse conditions[^element].
- MHP: Strategic partnership focused on lifecycle management and design optimization for lithium-ion batteries, targeting automotive and industrial clients[^mhp].
- ju:niz Energy: Integrated TWAICE’s analytics into ju:niz’s battery storage systems (BESS) to improve operational availability and lifecycle management[^juniz].
- pepper: Supports commercial fleet operators in EV development by leveraging TWAICE’s predictive insights for battery health monitoring[^pepper].
- BearingPoint: Combined consultancy expertise with TWAICE’s software to unlock new business models for automotive, energy, and insurance clients[^bearingpoint].
Technology Advancements Through Collaborations
Market Positioning & Scaling Strategies
- Cloud Infrastructure (AWS): Migrated to AWS cloud services improved computational scalability by 300%, reducing customer onboarding from weeks to hours while handling a 100,000-fold increase in data volume since 2020[^aws].
- Partner Programs: Launched tiered programs (Elevate, Excellence) targeting VARs/SIs and consultants to expand market reach across energy storage providers, OEMs, and fleets[^partnerpage][^bearingpoint].
These relationships enhance TWAICE’s credibility in cross-industry applications—from grid-scale BESS optimization (with ju:niz) to EV fleet management (with pepper)—while driving technical innovation through collaborative R&D.
Sources Used:
- Partnership with Element Advances Battery Development [Oct 2024]
- MHP Cooperation [No date specified]
- Partnership with ju:niz Energy) [No date specified] Note: URL appears truncated; correct link unavailable
Additional Sources:
The following URLs were referenced but not directly linked due formatting constraints or partial availability: ```1. https:
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//www.bearingpoint.com/en-in/about-us/news-and-media/press-releases/bearingpoint-and-twaice-form-strategic-partnership-in-the-area-of-hv-battery-analytics/
2. https:
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//aws.amazon.com/solutions/case-studies/twaice-case-study/
3. https:
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//en.munich-startup.de/2023/09/12/twaice-portrait/
4. https:
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//www.twaice.com/partners
5. https:
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//www.twaice.com/new-funding
6 The Hiring and Company Growth
TWAICE Technologies GmbH: Growth and Hiring Since EIC Accelerator Funding
TWAICE Technologies GmbH, a Munich-based startup specializing in predictive battery analytics, received the EIC Accelerator funding on March 23, 2022. Since then, the company has experienced significant growth and expansion in its team size and operations.
Current Headcount and Team Size
As of the latest available data, TWAICE has more than 140 employees. This marks a substantial increase from earlier numbers, reflecting the company's rapid expansion and growth .
Hiring and Team Growth
TWAICE continues to grow and expand its team. While there is no specific information on recent job postings, the company's ongoing focus on developing and enhancing its battery analytics platform suggests a continued need for skilled professionals in AI, battery technology, and software development.
Growth Since Funding
Since receiving the EIC Accelerator funding in 2022, TWAICE has secured additional funding, including a $30 million Series B financing extension led by Coatue, building on its previous Series B round of $26 million in May 2021 . This financial support has enabled TWAICE to strengthen its position as a global battery analytics leader, analyzing over 5GWh of battery energy storage systems (BESS) and engaging in 68+ projects with major players in the energy and mobility sectors .
Key Positions and Future Implications
No specific details are available on recent key positions filled by TWAICE. However, the company's growth indicates that new team members are crucial for scaling its operations and enhancing its predictive analytics capabilities. These additions likely focus on expanding its digital twin technology, which combines battery expertise with AI to improve battery lifecycle management and performance .
Management and Founding Team Changes
There is no reported information on significant changes in the management or founding team of TWAICE since receiving the EIC Accelerator funding. The company remains led by its co-founders, Stephan Rohr and Michael Baumann, who have been instrumental in shaping its vision and direction .
Conclusion
TWAICE's growth since receiving the EIC Accelerator funding reflects its success in leveraging advanced technologies to address critical challenges in the battery industry. As the company continues to expand its team and operations, it is well-positioned to further innovate and lead in the field of predictive battery analytics.
Sources: - About us - TWAICE
- TWAICE company information, funding & investors - Dealroom.co
- Series B Funding | TWAICE
- Twaice combines battery knowledge with artificial intelligence
7 The Media Features and Publications
Media Features and Publications TWAICE Technologies GmbH has been featured in prominent tech and energy publications since its founding. TechCrunch highlighted the company’s $26 million Series B funding round in 2021, emphasizing its battery analytics software for electric vehicles (EVs) and energy storage systems. Energy-Storage.News covered the same funding milestone, noting TWAICE’s focus on expanding its predictive analytics platform for partners like Audi and Daimler. The Volta Foundation’s Battery Report 2024 referenced emerging technologies in the battery sector, though it did not directly name TWAICE.Podcasts and Interviews
Jeff Glasson, TWAICE’s Chief Technology Officer, appeared on The Tech Source Leadership Podcast, discussing leadership strategies and his transition from Silicon Valley companies like Apple to TWAICE. Co-founder Dr. Stephan Rohr provided insights on AWS’s Fix This Podcast* about TWAICE’s mission to enhance battery sustainability through AI-driven analytics.
Conferences, Presentations, and Events
TWAICE hosted its inaugural Vision Summit 2024, featuring Thomas Raffeiner of The Mobility House, who presented on emission-free vehicle-to-grid (V2G) solutions using batteries. The company also expanded its high-tech battery lab in Munich to meet growing demand for advanced diagnostics, as announced via their newsroom.
Sources
- Twaice raised $26M to scale its battery analytics software
- Battery software startup TWAICE gets US$26m funding
- Battery Report 2024 - Saur Energy
- High-tech battery lab opens | TWAICE
- The Tech Source Leadership Podcast & Tribe
- TWAICE builds a greener world with lithium-ion batteries (AWS Podcast)
- TWAICE Vision Summit 2024: Emission-Free Charging At No Cost
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