DTE secures $10M funding from Novelis and the EIC Fund
DTE, developers of next-generation metal production and manufacturing, has successfully closed its Series A2 funding round, raising $10 million. Novelis, Metaplanet, and the European Innovation Council (EIC) Fund, along with existing investors Chrysalix Venture Capital and Brunnur Ventures participated in the round. DTE previously raised a Series A round from Chrysalix Venture Capital and Brunnur Ventures.
“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 & Founder of DTE. “We are delighted and honored 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.”
DTE’s in-line elemental analysis technology gives manufacturers and metal producers process and quality control that replaces slower, manual methods. Their LP-LIBS™ sensor technology delivers reference-grade elemental analysis directly from high-temperature liquid metals in less than 60 seconds from sampling.
Derek Prichett, Senior Vice President, Corporate Development at Novelis, said, “As a strategic investor, Novelis recognizes the significant potential of DTE’s LP-LIBS™ technology and the opportunities for its deployment within the metals production, manufacturing and recycling value chain.”
“DTE’s solution, with its live elemental analysis capabilities, offers a promising avenue for optimizing 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.”
