Vienna-based Tset, a software company that aims to transform cost & carbon management for the manufacturing industry, announced that it has closed its Series A round with over €12.7M in funding to expand its leadership position in new markets and industries.
The round saw investors including Carbon Removal Partners, Brose Ventures, and Ingenics Holding. Ingenics will use its share to enhance consulting services in cost engineering and carbon footprint analysis.
The funds will be used to expand sales and diversify into sectors like mechanical engineering, household appliances, and industrial construction.
Transforming cost & carbon management
Founded in 2018 by Andreas Tsetinis and Sasan Hashemi, Tset offers cloud-based SaaS solutions for calculating product costs and emissions across the enterprise.
Its software provides real-time insights into how design changes impact costs and carbon footprint, helping businesses optimise from development to production. This results in improved margins and enhanced transparency regarding emissions.
Tset claims that its software offers complete and accurate analyses using existing secondary data, minimising the need for primary data. Used across various industries, including automotive and aerospace, Tset employs over 100 experts dedicated to enhancing its products and services.
Founders, Hashemi and Tsetinis say, “Due to the regulation of CO2 emissions and the increasingly intense competition in the automotive industry, the demand for our software is continuously growing. We are now optimally prepared for this growth and expansion into new regions and sectors.”
“Following our success in Europe, we are now increasingly working on entering the North American and Asian markets.”
Tset’s current customer base includes AGCO, Brose, Lego, Thyssenkrupp, ZF, and, as of this year, the BMW Group.
Brief about the investors supporting Tset
Brose claims to be the world’s five largest family-owned automotive suppliers specialising in mechatronics. It develops and manufactures systems for vehicle doors, lids, and seats, as well as electric motors ranging from 200 watts to 14 kilowatts for applications like steering, thermal management, and e-bike drives. The company has generated a turnover of €7.9B in 2023.
The Ingenics Group is an international company specialising in management consulting, software engineering, and personnel services. Through its subsidiaries Ingenics Consulting, Ingenics Digital, and Ingenics Services, it offers a portfolio focused on operational and digital transformation.
Zurich-based Carbon Removal Partners is a VC firm focused on the Carbon Removal industry. In 2023, it launched its first fund to invest in technologies that permanently withdraw carbon from the atmosphere and companies along the Carbon Removal value chain. CRP aims to collaborate with entrepreneurs to grow a high-quality global Carbon Economy.
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