TWAICE, a battery analytics software company that optimizes the transparency and predictability of batteries, has raised $30 million in a Series B financing round.
Global investment firm Coatue led the financing round.
The financing includes personal investment from Lip-Bu Tan and participation from existing investors. According to Mercom Research, in Q2 2021, TWAICE raised $26 million in Series B funding from Energize Ventures. The company has raised $75 million to date.
The funds will be used to optimize the company’s cloud analytics platform further and expand its presence in Europe and North America, including growing its new Chicago-based office.
The battery sector’s market potential is estimated to reach $168 billion by 2030.
According to the company’s investors analysis, this growth supports a $30 to $50 billion opportunity for the battery software market. 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, meaning warranty periods and battery health are paramount to potential buyers and original equipment manufacturers (OEMs).
Earlier this week, Yotta Energy, a li-based energy storage developer, raised an additional $3.5 million, including a strategic investment from inverter OEM partner APsystems, bringing its total Series A investment to $16.5 million.
According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid & Efficiency, venture capital (VC) funding (including private equity and corporate venture capital) raised by Battery Storage companies in Q1 2022 came to $1.1 billion in 21 deals a 15% increase compared to $1 billion in 14 deals in Q1 2021.