Luxmet completed a €800k investment round led by Innovestor.
Luxmet, an Oulu, Finland-based developer of solutions ofr high temperature process monitoring and control systems for steel and metal industries, announced securing €800k ($890k) in capital investment.
The round, which was oversubscribed, was led by Innovestor Ventures.
Luxmet, founded in 2014 based on research from Oulu University and led by CEO Mikko Jokinen, developed a solution for real-time measurement of steel production processes and enables for the first time reliable, real-time monitoring of the steel manufacturing process.
Steel is produced in two alternative ways: the traditional model is to mine ore and refine it into steel in a blast furnace. Another more environmentally friendly method, is to utilize recycled steel: used metal is melted with electricity in a so-called electric arc furnace. This electric arc method generates merely a third of the CO2 emissions compared with blast furnace technology. Luxmet's technology, ArcSpec, makes electric arc furnaces even more environmentally friendly.