Iceland-based leading innovator in process and quality control for the metals production and manufacturing industry, DTE raised EUR 16 million. The company announced the fundraise on December 23, 2023. Eyrir Vöxtur, alongside existing backers, the European Innovation Council (EIC) Fund, provided the investment. The latest proceeds complete the Series A2 financing round initiated earlier this year. In the first close, the company raised EUR 10 million. Aluminium industry leader Novelis, VC firm Metaplanet and the EIC Fund, as well as previous investors Chrysalix Venture Capital and Brunner Ventures, provider the financing back then.
Purpose of financing for DTE
With the latest financing, DTE seeks to expand its production and delivery. It further aims to 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.
What the company’s official has to add
Karl Matthiasson, CEO and co-founder of DTE, said, “We’re thrilled to successfully close a meaningful series A2 round of €16 million this year in a challenging funding environment. This milestone powerfully endorses our innovative technology’s impact in optimizing and streamlining metal industry operations.“
What the investors have to comment
Kristinn Pálmason, Managing Director at Eyrir Vöxtur, said, “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.”
About the company
Karl Ágúst Matthíasson and Sveinn Hinrik Guðmundsson launched the company in 2013. DTE’s breakthrough real-time elemental analysis technology. 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, i.e. from reduction cells and transport crucibles to furnaces and launders, is fed into DTE’s cloud analytic platform. It further transforms these signals into high-value, predictive decision-making insights. The breakthrough capability provides enhanced process control as well as decision support. It further empowers manufacturers and metals producers with unprecedented real-time information.
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