- Series A2 boosted by additional $6M from Eyrir Vöxtur and EIC Fund
- Funding extension follows major industry partnerships secured in 2023
REYKJAVIK, Iceland, Dec. 22, 2023 (GLOBE NEWSWIRE) — DTE, a leading innovator in process and quality control for the metals production and manufacturing industry, has successfully extended its current investment round with participation from growth investors Eyrir Vöxtur, alongside existing backers, the European Innovation Council (EIC) Fund.
This latest operation completes the Series A2 financing round initiated earlier this year, in which the Icelandic deep tech innovator secured a $10M first close from aluminum industry leader Novelis, VC firm Metaplanet and the EIC Fund, as well as previous investors Chrysalix Venture Capital and Brunnur Ventures.
The infusion of capital, following partnerships with industry leaders like Novelis, will fuel DTE’s expansion in production and delivery, bolster its global sales network, and widen the focus to a variety of manufacturers using cast parts, such as the automotive and construction industry, where quality is crucial.
“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.”
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