In recent years, the Nordic island nation, Iceland has witnessed a surge in entrepreneurial ventures within the metal industry, covering everything from advanced manufacturing processes to sustainable materials. DTE, a metal production and processing startup, is revolutionising metal by making the production of essential metals more sustainable, safe, and efficient. The Icelandic startup has secured an additional $6 million in Series A2 funding.
The investment came from growth investor Eyrir Vöxtur, alongside existing backers, the European Innovation Council (EIC) Fund. With this, the total Series A2 round secured by the company accounts for $16M.
Earlier this year, the company completed a $10 million Series A2 round from Novelis, Metaplanet (backed Lightyear and Aerones), EIC Fund, and previous investors Chrysalix Venture Capital, and Brunnur Ventures.
This fresh capital will fuel DTE’s expansion in production and delivery, bolster its global sales network, and widen the focus to a variety of manufacturers using cast parts, such as the automotive and construction industry, where quality is crucial.
Real-time intelligence platform for metals
Founded by Karl Mattíasson in 2013, DTE operates with the vision to transform the metals industry, contributing to the 1.5-degree challenge while driving its digital transformation towards Industry 4.0 with the next generation of elemental analysis technology and metals intelligence.
Its proprietary technology brings a game-changing contactless elemental analysis solution, providing rapid and high-quality results for process and quality control. By eliminating the need for slow and costly manual methods, the platform delivers reference-grade elemental analysis directly from high-temperature liquid metals in less than 60 seconds.
It uses the proprietary LP-LIBS sensor technology, which delivers reference-grade elemental analysis directly from high-temperature molten metals. The melt composition information from reduction cells and transport crucibles to furnaces and launders is fed into DTE’s cloud analytic platform, which transforms these signals into high-value, predictive decision-making insights. These details enable enhanced process control and decision support, empowering manufacturers and metals producers with unprecedented real-time information.
“We’re thrilled to successfully close a meaningful series A2 round of $16M this year, in a challenging funding environment”, stated Karl Matthiasson, CEO and Cofounder of DTE. “This milestone powerfully endorses our innovative technology’s impact 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.”
