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DTE Raises $6M in Series A2 Funding to Propel Sustainable Metal Revolution

A metal production startup, on a mission to redefine the very essence of metal production making it sustainable
December 26, 2023

In the land of fire and ice, where innovation meets industry, Iceland has become a hotbed for groundbreaking ventures in the metal sector. Among the sparks, DTE, a pioneering metal production startup, is leading the charge towards a more sustainable, safe, and efficient future for essential metals. Today, we unveil the news that DTE has clinched an additional $6 million in Series A2 funding, marking a pivotal moment in their quest for transformative change.

Eyrir Vöxtur, a growth investor with an eye for future leaders, spearheaded the investment alongside steadfast supporters, the European Innovation Council (EIC) Fund. This injection of capital elevates DTE's Series A2 round to an impressive $16 million. This comes on the heels of a successful earlier round this year, where DTE secured $10 million from a consortium featuring NovelisMetaplanetEIC FundChrysalix Venture Capital, and Brunnur Ventures.

This fresh infusion of funds is set to power DTE's expansion in production and delivery, fortify its global sales network, and extend its reach to diverse manufacturers relying on cast parts. Industries such as automotive and construction, where quality is paramount, will benefit from DTE's innovative approach to metal production.

Founded in 2013 by Karl Mattíasson, DTE is on a mission to reshape the metals industry, aligning with the 1.5-degree challenge and steering a digital transformation toward Industry 4.0. At the heart of their revolution is a proprietary technology that brings a game-changing, contactless elemental analysis solution. This technology ensures swift and high-quality results for process and quality control, eliminating the sluggishness and costs associated with manual methods.

DTE's LP-LIBS sensor technology, operating with high-temperature molten metals, feeds composition information into their cloud analytic platform. This translates into real-time, predictive decision-making insights, empowering manufacturers with unprecedented control and support.

In the words of Karl Matthiasson, CEO and Co-founder of DTE, "We're thrilled to successfully close a meaningful Series A2 round of $16M this year, in a challenging funding environment." This milestone underscores the tangible impact of DTE's technology in optimizing and streamlining metal industry operations.

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