This latest operation completes the Series A2 financing round initiated earlier this year, in which the Icelandic deep tech innovator secured a $10M first close from aluminum industry leader Novelis, VC firm Metaplanet and the EIC Fund, as well as previous investors Chrysalix Venture Capital and Brunnur Ventures.
The infusion of capital, following partnerships with industry leaders like Novelis, 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.
“We're thrilled to successfully close a meaningful series A2 round of $16M this year, in a challenging funding environment”
says Karl Matthiasson, CEO and co-founder of DTE, further adding that "This milestone powerfully endorses our innovative technology's impact in optimizing and streamlining metal industry operations.“
DTE's real-time elemental analysis technology, featured in a recent CBS News documentary, complements and replaces current slow, expensive, and manual methods for process and quality control. Their proprietary LP-LIBS™ sensor technology can deliver reference-grade elemental analysis directly from high-temperature molten metals.