DT Equipment announced raising $5.5m Series A funding round from Chrysalix Venture Capital and Brunnur Ventures

DT Equipment, a Reykjavik, Iceland-based developer of specialized industrial equipment, announced securing a $5.5M Series A financing round.

The money was provided by Chrysalix Venture Capital and included participation from existing investor Brunnur Ventures.

DTE, founded in 2013 and led by CEO Sveinn Gudmundsson, focuses on next-generation industrial metal production process control, towards Industry 4.0. The Company’s flagship DTE-EA product range provides first-in-industry direct sampling and compositional analysis of molten metal, addressing the high unmet need to complement and replace current slow, expensive and manual methods for process and quality control with real-time, in-line analysis of trace materials. 

Real-time process feedback offers substantial opportunities, including improved production efficiency, energy and process cost savings from faster, more frequent measurements and improved operator safety through limiting the need for human intervention.
 
Prior to this deal, DT Equipment raised $1.1 million in a seed round from Brunnur Ventures.