Iceland’s DTE, a platform providing insights to the metal production and manufacturing industry has raised $10 million in what it is calling a Series A2 round.
The company, based in Reykjavik, has developed a technology which produces insights for quality control, of the high-temperature metals in less than 60 seconds from sampling. Its LP-LIBS sensor technology can also produce these insights of solid metals, in real-time.
“We are delighted to secure this substantial funding round, which is a significant milestone for DTE, validating the transformative potential of our technology,” says Karl Matthiasson, CEO and founder of DTE. “The additional capital secured in this funding round finances expansion of our growing sales pipeline and will accelerate our technology and product development capabilities as we continue to push the boundaries of manufacturing decision intelligence and predictive analytics.”
“As a strategic investor, Novelis recognises the significant potential of DTE’s LP-LIBS technology and the opportunities for its deployment within the metals production, manufacturing and recycling value chain,” says Derek Prichett, Senior Vice President, Corporate Development at Novelis. “DTE’s solution, with its live elemental analysis capabilities, offers a promising avenue for optimising production processes and enhancing product quality. In addition to using the technology to support Novelis’ own goals for carbon reduction, which include a 30% reduction by 2026 and net carbon neutrality by 2050 or sooner, we are also excited to aid DTE in their broader mission to help our industry transform towards ever cleaner, more sustainable production.”
Main image: Karl Matthiasson, CEO & founder, DTE