Reykjavik-based DTE secures €16 million in funding. Invested from growth investors Eyrir Vöxtur, alongside existing backers, the European Innovation Council (EIC) Fund.
This latest transaction closes the Series A2 funding round that was started earlier this year. Previously, the EIC Fund, VC firm Metaplanet, and market leader Novelis in the aluminium sector gave the Icelandic deep tech innovator a €10 million first close. Other investors in the round involved Chrysalix Venture Capital and Brunnur Ventures.
The capital infusion that will result from partnerships with major players in the industry, like Novelis, will support DTE’s growth in production and delivery, strengthen its global marketing network, and broaden its focus to include a wider range of manufacturers that use cast parts, like those in the quality-sensitive automotive and construction industries.
Karl Matthiasson, CEO and Cofounder of DTE said, “We’re thrilled to successfully close a meaningful series A2 round of €16 million this year, in a challenging funding environment, This milestone powerfully endorses our innovative technology’s impact in optimizing 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 not only enhances operational efficiencies but also 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.”
Established in 2013, DTE’s innovative real-time elemental analysis technology, highlighted in a recent CBS News documentary, serves as a substitute and improvement for the prevailing labor-intensive, costly, and manual processes for process and quality control. They are the only ones who can provide reference-grade elemental analysis directly from high-temperature molten metals using their patented LP-LIBSTM sensor technology.