DTE bags US$10 million Novelis and EIC backed funding to enhance its LP-LIBS™ sensor technology

DTE, a company that provides support for decision-making in the metals production and manufacturing industry, has successfully raised US$10 million in a Series A2 round. This funding will be utilised to drive innovation and expand the company's global outreach.

DTE is grateful for the support of its esteemed investors in this round, including Novelis, a prominent name in the aluminium industry, Metaplanet, a venture capital firm, and the European Innovation Council (EIC) Fund, in addition to their existing investors Chrysalix Venture Capital and Brunnur Ventures.

DTE's LP-LIBS™ sensor technology is a pioneering, in-line elemental analysis tool that eliminates slow, costly, and manual quality control procedures. It provides reference-grade elemental analysis directly from high-temperature liquid metals in less than 60 seconds, resulting in improved process control and decision support for manufacturers and metals producers. DTE aims to equip its customers with unparalleled insights, enabling them to develop sustainable, secure, and efficient products.

The CEO and Founder of DTE, Karl Matthiasson, commented: "We are delighted to secure this substantial funding round, which is a significant milestone for DTE, validating the transformative potential of our technology. 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 the 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."

The Senior Vice President, Corporate Development at Novelis, Derek Prichett, exemplified: "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. 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 its broader mission to help our industry transform towards ever cleaner, more sustainable production."

Marcin Nowak from the EIB, leading the investment on behalf of the EIC Fund, asserted: "We are impressed by DTE's unique technology and the potential of their actionable decision support platform to optimise production in the metals industry. 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."

DTE stands out as the ultimate pioneer in the global metals production and manufacturing industries, with an ultimate mission to elevate value, sustainability, safety, and efficiency across the board. Composition sampling is a crucial aspect of metal production, processing, and casting, and DTE is proud to announce that its unique and proprietary LP-LIBS™ platform is shaking things up.

Gone are the days of slow and costly manual methods that rely mostly on solid samples taken from the melt. DTE's ground-breaking contactless elemental analysis solution is the first of its kind in the industry, delivering reference-grade elemental analysis directly from high-temperature liquid metals in less than 60 seconds. With DTE's flagship module, decision support is enhanced, and process and quality control are improved, revolutionising the industry.

As we all know, Novelis is a global leader in sustainable aluminium solutions. Metaplanet is an investment firm focused on mission-driven founders of deep technologies. The European Innovation Council supports breakthrough innovations and Chrysalix is a venture capital firm focused on disruptive innovation in energy and industrial technology. Lastly, Brunnur Ventures is an Icelandic venture capital firm focused on seed and early-stage investments.