This week, process and quality control company DTE announced it has successfully extended its current investment round by $6 million with participation from Eyrir Vöxtur, alongside existing backers, the European Innovation Council (EIC) Fund.
This completes the Series A2 financing round initiated earlier this year, in which the Icelandic company secured a $10M first close from Novelis, VC firm Metaplanet and the EIC Fund, as well as previous investors Chrysalix Venture Capital and Brunnur Ventures. It has not disclosed the additional funding amount.
DTE serves the global metals production and manufacturing industries with real-time and predictive process control intelligence to maximise value, sustainability, safety, and efficiency throughout the value chain.
Its technology complements and replaces current slow, expensive, and manual process and quality control methods.
Proprietary LP-LIBS™ sensor technology delivers 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, transforming 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.
Karl Matthiasson, CEO and Cofounder of DTE, shared:
"We're thrilled to successfully close a meaningful series A2 round of $16M this year, in a challenging funding environment.
This milestone powerfully endorses the impact of our innovative technology in optimising and streamlining metal industry operations. "
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 enhances operational efficiencies and 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."
The funds will fuel DTE's expansion in production and delivery, bolster its global sales network, and widen the focus to various manufacturers using cast parts, such as the automotive and construction industry, where quality is crucial.
Lead image: DTE. Photo: uncredited.