DTE secures funding anchored by Novelis and EIC fund
Karl Matthiasson. Image: DTE
DTE, an innovator in decision support for the metals production and manufacturing industry, has announced the successful completion of a $10 million Series A2 round to further accelerate DTE’s innovation and expand its reach. The raise includes a distinguished group of investors, with participation by aluminium industry leader Novelis, venture capital firm Metaplanet and the European Innovation Council (EIC) Fund, along with existing investors Chrysalix Venture Capital and Brunnur Ventures.
DTE’s first-in-industry, in-line elemental analysis technology complements and replaces current slow, expensive, and manual methods for process and quality control. Its proprietary LP-LIBS sensor technology is able to deliver reference-grade elemental analysis directly from high-temperature liquid metals in less than 60 seconds from sampling. This capability provides enhanced process control and decision support.
“We are delighted to secure this substantial funding round, which is a significant milestone for DTE, validating the transformative potential of our technology,” said Karl Matthiasson, CEO and founder of DTE. ” We are delighted and honoured to welcome Novelis, Metaplanet and the EIC Fund as new investors on our journey to transform the metals production and manufacturing industries. The additional capital secured in this funding round finances expansion of our growing sales pipeline and will accelerate our technology and product development capabilities as we continue to push the boundaries of manufacturing decision intelligence and predictive analytics.”
“As a strategic investor, Novelis recognises the significant potential of DTE’s LP-LIBS technology and the opportunities for its deployment within the metals production, manufacturing and recycling value chain,” said Derek Prichett, senior vice president, corporate development at Novelis.
“DTE’s solution, with its live elemental analysis capabilities, offers a promising avenue for optimising production processes and enhancing product quality. In addition to using the technology to support Novelis’ own goals for carbon reduction, which include a 30% reduction by 2026 and net carbon neutrality by 2050 or sooner, we are also excited to aid DTE in their broader mission to help our industry transform towards ever cleaner, more sustainable production.”
“We are impressed by DTE’s unique technology and the potential of their actionable decision support platform to optimise production in the metals industry,” said Marcin Nowak from the EIB, leading the investment on behalf of the EIC Fund. “The EIC Fund is proud to support DTE to create value opportunities as well as streamline and improve efficiencies within the operations of one of Europe’s most energy intensive and emissive industries.”
For more information about DTE and its LP-LIBS technology, visit: www.dte.ai.