DTE, a frontrunner in revolutionizing process and quality control within the metals production and manufacturing sector, has successfully concluded its latest investment round, securing a substantial €16 million. This boost stems from growth investors Eyrir Vöxtur, joined by existing supporters, the European Innovation Council (EIC) Fund.
The successful culmination of the Series A2 financing round, initiated earlier this year, marks a significant stride for the Icelandic deep tech innovator. DTE initially secured a €10 million first close from industry stalwart Novelis, venture capital firm Metaplanet, the EIC Fund, as well as prior investors Chrysalix Venture Capital and Brunnur Ventures.
This infusion of capital, bolstered by strategic partnerships with industry giants like Novelis, propels DTE’s expansion efforts in production, amplifies its global sales network, and broadens its reach to various manufacturers utilizing cast parts, particularly in sectors like automotive and construction where uncompromised quality is paramount.
Karl Matthiasson, CEO and Co-founder of DTE, expressed his enthusiasm, stating, “Securing a substantial series A2 round of €16 million in such a challenging funding landscape this year is a testament to the endorsement of our innovative technology’s pivotal role in optimizing and streamlining metal industry operations.”
Established in 2013, DTE’s groundbreaking real-time elemental analysis technology, prominently featured in a recent CBS News documentary, supersedes conventional slow, costly, and manual methods for process and quality control. Their proprietary LP-LIBS™ sensor technology uniquely furnishes reference-grade elemental analysis directly from high-temperature molten metals. Crucial melt composition data from key process points – spanning from reduction cells and transport crucibles to furnaces and launders – feeds into DTE’s cloud-based analytic platform. This transformation of signals into high-value, predictive insights empowers manufacturers and metals producers with unparalleled real-time information for informed decision-making.
Commenting on the investment, Kristinn Pálmason, Managing Director at Eyrir Vöxtur, remarked, “Our investment in DTE resonates deeply with our commitment to sustainability. DTE’s groundbreaking technology not only elevates operational efficiencies but also drives sustainability within a pivotal industry. Our dedication to nurturing ventures with global leadership potential is exemplified by our collaboration with DTE. We eagerly anticipate contributing to their journey of transforming the metals industry, embracing growth, and fostering new opportunities.”
DTE’s relentless pursuit of innovation, fortified by this substantial funding, heralds a transformative era for the metals production and manufacturing landscape. The convergence of cutting-edge technology, strategic partnerships, and a commitment to sustainability positions DTE at the helm of reshaping how the industry operates.
As the company embarks on this accelerated growth trajectory, the horizon appears promising, with opportunities to redefine industry standards, fortify global operations, and champion sustainability at the core of its endeavors.
