Reykjavík-based DTE, an innovator in decision support for the metals production and manufacturing industry, announced on Monday that it has secured $10M (approximately €9.15M) in a Series A2 round of funding.
DTE says it will use the funds to further accelerate its innovation and expand its reach.
Karl Matthiasson, CEO and founder of DTE, says, “We are delighted to secure this substantial funding round, which is a significant milestone for DTE, validating the transformative potential of our technology.”
“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,” he adds.
“Real-time intelligence from liquid metals”
Founded in 2013, DTE’s aim is to improve the metals sector by contributing to the 1.5-degree challenge and driving its digital transition to Industry 4.0 with next-gen elemental analysis technologies and metal intelligence.
DTE provides real-time and predictive process control knowledge to the metals production and manufacturing sectors in order to maximise value, sustainability, safety, and efficiency for all stakeholders.
According to the firm, composition sampling is crucial for process control in metal manufacturing, processing, and casting. But it has been manual and mostly empirical, requiring the casting of solid samples from the melt.
DTE’s laser-induced breakdown spectroscopy (LP-LIBS) platform improves decision support by replacing slow, expensive, and manual methods for process and quality control.
“Our proprietary LP-LIBS sensor technology is uniquely able to deliver reference-grade elemental analysis directly from high-temperature liquid metals in less than 60 seconds from sampling,” says the company.
“This breakthrough capability provides enhanced process control and decision support, empowering manufacturers and metals producers with unprecedented insights. From the plant floor to corporate management, our mission is to unlock our customers’ potential to deliver greener, safer, and more efficient products,” adds DTE.
Investors supporting DTE
The investment came from aluminium industry leader Novelis, VC firm Metaplanet and the European Innovation Council (EIC) Fund.
Existing investors Chrysalix Venture Capital and Brunnur Ventures also participated in the round.
Derek Prichett, Senior VP of Corporate Development at Novelis, says, “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.
“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 per cent 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,” adds Prichett.
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