Tset, specialising in product cost and CO2 analysis based in Austria, has secured €12.7 million in Series A funding. The round saw participation from Carbon Removal Partners, Brose Ventures, and Ingenics Holding.
As a strategic partner, Ingenics will use the investment to significantly strengthen its consulting services in the areas of cost engineering and total cost approach (including the carbon footprint of manufactured products). The financing round will further drive not only the scaling of the global solution partner ecosystem but also the expansion of software solution expertise and strategic growth.
What does Tset do?
Tset was founded in 2018 by Andreas Tsetinis and Sasan Hashemi. The company is dedicated to transform cost & carbon management across the manufacturing industry, addressing the full spectrum of the product life cycle for enhanced sustainability and efficiency. Its enterprise cloud-solution for Product Cost and Carbon Management combines data-driven algorithms and hands-on industry knowledge, saving cost and carbon.
Tset’s SaaS software provides immediate insights into how design changes can affect product costs and the carbon footprint, and thereby identifies optimisation potential at an early stage. The solution can be used from the early development phase right through to series production. The result for the customer is a higher margin and greater transparency with regard to emissions.
As of now, over 100 developers and industry experts are already employed at Tset’s two sites in Vienna and Kuchl.
How is it different from others?
The company enables the manufacturing industry to maximise cost- and CO2-efficient product development, production and procurement. As costs and CO₂ emissions are always calculated together, customers can showcase the benefits of their own products and CO₂ avoidance strategies in a very specific way. In contrast to standard market assessments, Tset’s software provides very comprehensive and accurate analyses based on a large amount of secondary data already available, with minimal additional primary data from the respective supply chain.
The existing customer base includes companies such as AGCO, Brose, Lego, Thyssenkrupp, ZF and, since this year, the BMW Group.
Tset co-founders Hashemi and Tsetinis emphasised: ‘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.”
