DTE Raises $10M in Series A2 Funding for Expansion of Its LP-LIBS™ Technology in Metals Production.
DTE Scores $10M in Series A2 Funding Led by Novelis and EIC Fund to Reinvent Metals Production with Groundbreaking LP-LIBS™ Technology, Empowering Greener and More Efficient Manufacturing.
Funding Round Info:
DTE, an innovator in the metals production and manufacturing industry, has successfully completed a $10 million Series A2 financing round. The investment was led by Novelis, an industry leader in aluminum, and included participation from the European Innovation Council (EIC) Fund and venture capital firm Metaplanet. Existing investors Chrysalix Venture Capital and Brunnur Ventures also contributed to the round. The funding will be used to further accelerate DTE's innovation and expand its reach. Specifically, DTE plans to finance the expansion of its sales pipeline and boost its technological and product development capabilities, with a key focus on its proprietary LP-LIBS™ sensor technology. This technology is designed to enhance process control and decision support in the metals production and manufacturing industry, promising to deliver reference-grade elemental analysis directly from high-temperature liquid metals in less than 60 seconds.
About DTE:
As a pioneer in the global metals production and manufacturing sectors, DTE delivers cutting-edge real-time and predictive process control intelligence, promoting value, sustainability, safety, and efficiency for all stakeholders. In the realm of metal production, processing, and casting, the need for composition sampling is crucial for process control. Traditionally, this has been a manual and largely empirical task, necessitating the creation of solid samples from the melt. DTE, through its proprietary LP-LIBS™ platform, revolutionizes this process. By replacing time-consuming, costly, and manual methods for process and quality control, DTE provides an industry-first contactless elemental analysis solution. This innovation allows for reference-grade elemental analysis directly from high-temperature liquid metals in under a minute, thereby significantly enhancing decision support.
About Brunnur Ventures:
Based in Iceland, Brunnur Ventures is a venture capital firm that specializes in seed and early-stage investments. Their focus lies in promoting innovation and growth, supplemented with scalable business models and exceptional entrepreneurial talent. Currently, Brunnur Ventures oversees two funds - Brunnur I and Brunnur II. Brunnur I is a USD 40 million venture fund launched in 2015 and invested in 11 companies. Brunnur I is currently working on growing and exiting its portfolio companies.The operations and administration of these funds are handled by Landsbref, a fund management company that holds a license from the Icelandic Financial Supervisory Authority. Brunnur II is a USD 65 million venture fund launched in 2021 and plans to invest in up to 20 companies. The team is led by founding partners Árni Blondal and Sigurdur Arnljotsson, and partners Margret Ormslev Ásgeirsdottir and Kjartan Örn Ólafsson.
About Chrysalix Venture Capital:
Established in 2001 in Vancouver, Canada, and with additional offices in Delft, Netherlands, Chrysalix is a venture capital firm specializing in technology, providing support, mentorship, and networking opportunities for high-growth companies. The firm has earned its reputation by fostering disruptive innovations in some of the world's largest industries, primarily at the intersection of technology and physical sciences. Their portfolio comprises groundbreaking technologies, including smart mining, power conversion chips, process automation sensors, high-speed electric vehicle charging infrastructure, battery intelligence, CO2 capture, wastewater management, and fusion energy. With one of the most skilled investment teams in the sector, boasting vast energy, industrial technology, and entrepreneurial expertise, Chrysalix is supported by over 20 international industrial and financial investors. Their second fund focused on industrial innovation, known as the Chrysalix RoboValley Fund, is currently under management. Chysalix is led by managing partner, Fred Van Beuningen, and other partners including Greg Allen, Alfred Lam, PH.D., Charlie Haythornthwaite, PH.D., and Wal Van Lierop, PH.D.
About European Innovation Council (EIC):
The European Innovation Council (EIC) is a pioneering program in Europe dedicated to the identification, cultivation, and expansion of groundbreaking technologies and transformative innovations. Established under the EU Horizon Europe program, the EIC is endowed with a €10.1 billion budget to support game-changing innovations throughout their lifecycle, spanning early-stage research, proof of concept, technology transfer, and the financing and expansion of start-ups and SMEs. The EIC Board, consisting of independent members selected from diverse fields within the innovation ecosystem such as entrepreneurs, researchers, investors, and corporations, guides the strategy and implementation of the EIC. EIC Programme Managers, known for their proactive leadership style, set innovation and technology breakthrough visions and guide project portfolios to achieve these objectives. A distinctive aspect of the EIC is its ability to offer funding to individual companies through a blend of grants and investments. These investments are presently in the form of direct equity or quasi-equity investments, managed by the EIC Fund.
About Metaplanet:
Metaplanet, based in Tallinn, Estonia, is an early-stage investment firm that places enduring investments in contrarian individuals and capitalizes on cross-sector knowledge and networks. The firm is committed to supporting founders who are mission-driven and engaged in the development of deeply disruptive technologies that have a positive impact. The company boasts an expansive portfolio, exceeding 150 companies across diverse sectors such as Artificial Intelligence, Biotech, Cryptocurrency, Healthcare, and Transportation.
About Novelis:
Novelis Inc. is an organization on a mission to sculpt a greener world collaboratively. The company, renowned globally for its advanced aluminum products and solutions, holds the distinction of being the world's premier aluminum recycler. Novelis aims to lead in the provision of sustainable, low-carbon aluminum solutions and aspires to establish a fully circular economy through strategic alliances with its suppliers and customers across diverse sectors like aerospace, automotive, beverage can, and specialties in North America, Europe, Asia, and South America. In the fiscal year 2023, the company recorded net sales of $18.5 billion. Novelis is a member of the Hindalco Industries Limited family, a leader in the aluminum and copper sectors. Hindalco is a key player in the Aditya Birla Group, a diverse, multinational conglomerate headquartered in Mumbai.