DTE, headquartered in Reykjavik, successfully concluded its Series A2 funding round, amassing a total of $16 million. This round saw an initial $10 million secured earlier in the year, including investments from aluminum industry leader Novelis, VC firm Metaplanet, the European Innovation Council (EIC) Fund, and previous investors Chrysalix Venture Capital and Brunnur Ventures. The recent addition of $6 million from investors Eyrir Vöxtur and the EIC Fund finalized the Series A2 round.
DTE specializes in advanced technology tailored for process and quality control in the metals production and manufacturing sector, notably their proprietary LP-LIBS™ sensor technology that enables real-time elemental analysis directly from molten metals at high temperatures. With this funding, DTE aims to expand its operations, fortify its global sales network, and broaden its market scope to include automotive and construction manufacturers. The investment is earmarked to further the deployment and refinement of their technology, providing real-time insights across pivotal production stages, ultimately enhancing operational efficiency and decision-making capabilities within the industry.
“We’re thrilled to successfully close a meaningful series A2 round of $16M this year, in a challenging funding environment”, stated Karl Matthiasson, CEO and Cofounder of DTE. “This milestone powerfully endorses our innovative technology’s impact in optimizing and streamlining metal industry operations.“
DTE’s breakthrough real-time elemental analysis technology, featured in a recent CBS News documentary, complements and replaces current slow, expensive, and manual methods for process and quality control. Their proprietary LP-LIBS™ sensor technology is uniquely able to deliver reference-grade elemental analysis directly from high-temperature molten metals. Melt composition information from all critical process points – from reduction cells and transport crucibles to furnaces and launders – is fed into DTE’s cloud analytic platform, which transforms these signals into high-value, predictive decision-making insights. This breakthrough capability provides enhanced process control and decision support, empowering manufacturers and metals producers with unprecedented real-time information.
Kristinn Pálmason, Managing Director at Eyrir Vöxtur, commented: “We’re extremely enthusiastic about our investment in DTE. Their groundbreaking technology aligns perfectly with our sustainability philosophy. We see immense potential in DTE’s innovative approach, which not only enhances operational efficiencies but also drives sustainability in a crucial industry. Our commitment to supporting promising ventures that have the potential to become global leaders is exemplified by our partnership with DTE. We’re excited to be part of their journey in transforming the metals industry and look forward to the growth and opportunities this collaboration will bring.”
