^* Series A2 through additional $6 million from Eyrir Vöxtur and EIC Fund
increased
*Funding extension follows key industry partnerships in
Year 2023
REYKJAVIK, Iceland, Dec. 23, 2023 (GLOBE NEWSWIRE) — DTE (https://www.dte.ai/),
a leading innovator in process and quality control for the
Metal production and processing industry, has its current
Investment round with the participation of growth investors Eyrir Vöxtur and
successfully expanded to the European Innovation Council (EIC) Fund.
This latest closing completes the one initiated earlier this year
Series A2 funding round in which the Icelandic deep-tech innovator
a $10 million initial deal from Novelis, a leading
Companies in the aluminum industry, the VC firm Metaplanet and the EIC Fund as well
from previous investors Chrysalix Venture Capital and Brunnur Ventures.
The capital injection is based on partnerships with industry leaders such as Novelis
follows, will drive DTE’s expansion in production and delivery, that
Strengthen global sales network and focus on a variety of manufacturers
expand, use castings, such as: B. the automotive and construction industries, where
Quality is crucial.
“We are very pleased that we are in a difficult year this year
financing environment a significant Series A2 round of USD 16 million
“We were able to complete this successfully,” explained Karl Matthiasson, CEO and
Co-founder of DTE.?This milestone impressively underlines the
Importance of our innovative technology for optimization and
Rationalization of processes in the metal industry.”
DTE’s groundbreaking real-time elemental analysis technique, recently reported in
was reported in a CBS News documentary (https://www.dte.ai/news-1/dte-
featured-in-documentary-series-innovation-and-disruption-leaders-on-cbs-news),
complements and replaces current slow, expensive and manual methods
Process and quality control. The company’s own LP-LIBS(TM)
Sensor technology is uniquely capable of elemental analysis in
To deliver reference quality directly from high-temperature melts. information
about the melt composition of all critical process points – from
Reduction cells and transport crucibles to ovens and troughs – are included in the
DTE’s cloud analysis platform, which converts these signals into high-quality,
transforms predictive insights into decision making. This
Groundbreaking feature enables improved process control and
Decision support so that manufacturers and metal producers about
have unprecedented real-time information.
Kristinn Pálmason, Managing Director of Eyrir Vöxtur, commented how
follows:?We are very excited about our investment in DTE. The
The company’s groundbreaking technology is in perfect harmony with
our philosophy of sustainability. We see in DTE’s innovative approach,
which not only increases operational efficiency, but also the
Sustainability in an important industry promotes great potential.”
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/60785977-5913-4caa-a929-
0442a5aecb64
https://www.globenewswire.com/NewsRoom/AttachmentNg/139d3710-
2b17-4679-92e2-4ea7f7840de8
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