1 The EIC Accelerator Project

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in Europe that are working on groundbreaking innovations, particularly in the DeepTech sector. The program offers a unique funding mechanism known as blended finance, which combines grants and equity investments to help innovative companies scale their operations.

Funding Structure

The EIC Accelerator provides substantial financial resources to eligible companies, with grants of up to €2.5 million available to support development costs. This grant funding aims to cover various expenses, including research and development, prototype creation, and market entry costs. In addition to grants, the program also offers equity investments of up to €15 million until 2024, which reduces to a maximum of €10 million from 2025 onwards. This equity component is crucial for startups, as it provides them with the necessary capital to accelerate growth and bring their innovations to market without the immediate pressure of repayment.

Purpose and Impact

The primary purpose of the EIC Accelerator is to foster innovation across Europe, particularly in sectors characterized by high technological risk and significant potential for societal impact. By bridging the funding gap that often exists for early-stage companies, the EIC Accelerator plays a critical role in enhancing the European startup ecosystem. It helps companies scale effectively by providing access to substantial financing while simultaneously encouraging private sector investment. This dual approach enhances the credibility of funded projects, making it easier for companies to attract additional funding from venture capitalists and other private investors.

Case Study: DT EQUIPMENT EHF and the IREAS Project

DT EQUIPMENT EHF, an innovative company based in Iceland, emerged as a winner of the EIC Accelerator for its project titled IREAS, which stands for Intelligent Real-time Elemental Analysis System. The proposal for IREAS was submitted on March 23, 2022, and successfully advanced through the EIC Accelerator's rigorous selection process, culminating in a successful Step 3 interview.

Project Overview: IREAS

The IREAS project focuses on developing a cutting-edge system for real-time elemental analysis. This technology aims to revolutionize how various industries, such as mining, environmental monitoring, and quality control, assess elemental composition in materials. The system leverages advanced spectroscopic techniques, potentially integrating methods such as X-ray fluorescence (XRF) and laser-induced breakdown spectroscopy (LIBS), to provide precise and immediate analysis of elements in various samples.

Technology Basics and Background

Elemental analysis is critical in numerous sectors for quality assurance, regulatory compliance, and process optimization. Traditional methods often involve time-consuming laboratory procedures that delay decision-making. The IREAS system seeks to address these challenges by enabling on-site, real-time analysis, thereby providing immediate feedback to operators and decision-makers.

The technology behind IREAS incorporates sophisticated algorithms and machine learning techniques to enhance the accuracy and reliability of elemental detection. By integrating real-time data processing capabilities, the system can adapt to varying samples and conditions, ensuring high-quality results even in challenging environments.

The potential applications of IREAS span multiple industries. In mining, it can optimize ore extraction processes by allowing for immediate adjustments based on elemental composition. In environmental monitoring, IREAS can provide fast and accurate assessments of pollutants, enabling quicker responses to contamination events. Furthermore, in manufacturing and quality control, the system can ensure that products meet strict regulatory standards by allowing for continuous monitoring of elemental content.

Conclusion

The EIC Accelerator program serves as a vital catalyst for innovation in Europe, particularly for companies like DT EQUIPMENT EHF, which are at the forefront of technological advancement. By providing blended finance options, the EIC Accelerator not only supports the development of groundbreaking projects such as IREAS but also strengthens the overall European startup ecosystem by encouraging private investment and fostering a culture of innovation. The IREAS project exemplifies how advanced technologies can transform industries and contribute to more efficient and sustainable practices, reaffirming the importance of initiatives like the EIC Accelerator in promoting technological progress.

2 The Funding Rounds

DT Equipment ehf: Funding and Investor Overview Since EIC Accelerator Success

DT Equipment ehf (DTE), based in Reykjavik, Iceland, specializes in advanced analytics technology for the metals production and processing sector. Since submitting its successful Step 2 proposal to the EIC Accelerator on March 23, 2022, DTE has significantly expanded its financing and investor base.

Financing Raised & Funding Rounds

• Seed Round: DTE initially secured seed funding from Brunnur Ventures prior to its Series A.
• Series A (September 2020):
• Amount: $5.5 million
• Investors: Chrysalix Venture Capital (new participation) and Brunnur Ventures (follow-on investment)
• Purpose: To accelerate global rollout of its real-time analytics solutions for metal production.
• Series A2 (June 2023):
• Amount: $10 million
• Investors:
• Novelis
• Metaplanet
• European Innovation Council Fund (EIC Fund)
• Chrysalix Venture Capital (existing investor)
• Brunnur Ventures (existing investor)
• Context: This round followed their EIC Accelerator win and was used to further scale operations and product development.

Timing & Details of Major Funding Rounds

Date	Round	Amount	Key Investors
Pre-Sep 2020	Seed	Undisclosed (~$1.1m)	Brunnur Ventures
Sep 4, 2020	Series A	$5.5m	Chrysalix VC, Brunnur Ventures
Jun 17/18, 2023	Series A2	$10m	Novelis, Metaplanet, EIC Fund, Chrysalix VC, Brunnur Ventures

Estimate based on reports of ~$1.1 million raised earlier by DTE from venture capital sources.

Investor Information

• Chrysalix Venture Capital: Focused on industrial innovation with a portfolio including intelligent systems for resource efficiency.
• Brunnur Ventures: Iceland-focused fund emphasizing innovation-driven startups.
• Novelis: Leading producer of rolled aluminum products; strategic industry partner.
• Metaplanet: Investment firm with interests in disruptive technologies.
• European Innovation Council Fund: The EU’s flagship deep-tech investment vehicle supporting breakthrough innovation post-EIC Accelerator award.

Company Valuations

Publicly available sources do not disclose precise valuation figures for any round as of April 30, 2025. However:

The substantial size of recent rounds ($10 million Series A2 following a $5.5 million Series A) suggests strong confidence from both new strategic partners like Novelis and established venture investors.

Exit Events

There is no evidence or announcement regarding an IPO or acquisition/buyout event involving DT Equipment ehf since their receipt of the EIC Accelerator funding up until the current date.

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Sources

• DT Equipment raises $5.5m Series A funding round from Chrysalix Venture Capital and Brunnur Ventures
• DT Equipment raised $10 million in a Series A2 round from Novelis ...
• DTE closes Series A financing with Chrysalix Venture Capital ...
• DT Equipment Closes Series A Financing – FinSMEs

3 The Press Releases

Introduction to DT Equipment ehf.

DT Equipment ehf. (DTE), based in Iceland, is a leading developer of next-generation analytics technology for metals production and processing. The company gained recognition after winning the European Innovation Council (EIC) Accelerator funding in March 2022.

Technology and Innovations

DTE specializes in real-time metal composition analysis, utilizing cutting-edge technologies like Liquid-Phase Laser-Induced Breakdown Spectroscopy (LP-LIBS). This technology provides direct sampling and compositional analysis of molten metal, replacing traditional slow and manual methods with real-time, in-line analysis. This innovation enhances production efficiency, reduces costs, and improves operator safety by limiting human intervention near furnaces and molten metal.

Partnerships and Collaborations

DTE has secured significant investments and partnerships. In September 2020, it closed a Series A financing round with Chrysalix Venture Capital and Brunnur Ventures. Chrysalix brought both technical expertise and business-building experience, aligning with DTE's goal to advance its analytics technologies for metal production. Additionally, DTE works closely with major industry players like Novelis, the world’s largest recycler of aluminum, which values DTE's technology for enhancing safety, quality, and recycling potential.

Team Updates

In 2021, DTE announced changes in its leadership structure. Karl Matthiasson, a co-founder of DTE, took over as CEO, replacing Sveinn Gudmundsson, who became the Chief Technology Officer (CTO). This change aimed to strengthen DTE's commercial focus while maintaining technical leadership. Later, in September 2021, Diego Areces was appointed as CEO, succeeding Karl Matthiasson, who transitioned to the role of CFO. Diego Areces, with his extensive experience in industrial automation, is tasked with accelerating DTE's market expansion and leading forthcoming funding rounds.

Commercial and Strategic Developments

In a recent move, Diego Areces was appointed as Chief Commercial Officer before becoming CEO, but this seems to have been an error in reporting. He was indeed appointed as CEO, and later, another executive, Diego Areces, was mentioned in a different context. To clarify, Diego Areces initially joined as an executive but became CEO later. DTE also appointed Diego Areces as CEO after his tenure at Schneider Electric, and he has been instrumental in leading commercialization efforts and strategic partnerships.

Press Releases and Updates on dte.ai

For the latest news and updates, DTE maintains a news section on its website. It covers advancements in real-time elemental analysis, LP-LIBS technology, and strategic developments within the metals industry. However, specific press releases on their social media accounts or website were not detailed in the available information.

EIC Accelerator Funding

DTE's success in securing EIC Accelerator funding in March 2022 underscores its potential as a leading innovator in metals intelligence. This funding supports further development and commercialization of its groundbreaking technologies.

Sources

• DTE Closes Series A Financing with Chrysalix Venture Capital and Brunnur Ventures
• DTE's Groundbreaking Technology Featured in "Innovation and Disruption" Leaders Docuseries
• DTE - Advanced Metal Composition Analysis | DTE Solutions
• News — DTE
• DTE Announces New Leadership to Drive Commercial Focus and Expansion
• DT Equipment Announces the Appointment of Diego Areces as Chief Commercial Officer
• DTE Announces Appointment of Diego Areces as CEO
• DT Equipment Raises $5.5m Series A Funding Round from Chrysalix Venture Capital and Brunnur Ventures

4 The Technology Advancements

DT Equipment EHF: Current Capabilities and Advancements

DT Equipment EHF, an Icelandic company, specializes in providing analytics technology for the metals industry. Since receiving EIC Accelerator funding in March 2022, the company has continued to develop its innovative solutions.

Current Capabilities

DT Equipment focuses on enhancing metal composition analysis, particularly through real-time analysis of molten metals. Their technology, LP-LIBS, allows for rapid elemental analysis directly from liquid metal, significantly improving process efficiency and accuracy in metal manufacturing and recycling.

Advancements and Improvements

While specific details on new features or advancements since the funding are not publicly available, the company's emphasis on real-time composition analysis suggests ongoing efforts to optimize their technology. This approach aligns with the broader goal of enhancing process control and sustainability in the metals sector.

Market Demonstration and Adoption

There is no publicly available information on recent pilots, customer demonstrations, or clinical trials specifically attributed to DT Equipment EHF. However, their technology is designed to be implemented across various stages of metal production, from smelting to recycling, indicating potential for widespread application.

Patents, Publications, and Whitepapers

No recent patents, scientific studies, or whitepapers specifically from DT Equipment EHF have been reported in the available sources. The company's focus remains on advancing its real-time analysis technology within the metals industry.

Conclusion

DT Equipment EHF continues to play a significant role in the metals industry by providing advanced analytics solutions. While specific advancements since the EIC Accelerator funding are not detailed, their commitment to enhancing metal composition analysis underscores their contribution to industry efficiency and sustainability.

Sources

• DTE - Advanced Metal Composition Analysis
• DT Equipment ehf Asset Profile
• Best Startups in Iceland

5 The Partnerships and Customers

DT Equipment ehf (DTE) Strategic Partnerships and Market Positioning Based on available information up to 2023, DT Equipment ehf (DTE), an Icelandic innovator in real-time metal composition analysis, has established key partnerships and market strategies to advance its industrial analytics technology. While specific customer names are not publicly disclosed in available materials, the company’s collaborations and investor ecosystem provide insights into its growth trajectory.

Key Partnerships

• Role: Lead Series A investor (2020) through the Chrysalix RoboValley Fund, which focuses on AI, IoT, and sensor-driven industrial innovations.
• Impact: Accelerates commercialization of DTE’s real-time elemental analyzers for aluminum production, targeting energy efficiency and process optimization.

• Role: Follow-on investor supporting DTE’s expansion into secondary aluminum markets and recycling applications.
• Technology Synergy: Enhances R&D capabilities for predictive analytics in molten metal processing.

Chrysalix’s limited partners include metals producers such as South32, Severstal, and Mitsubishi Corporation, positioning DTE’s solutions for adoption by global industry leaders (Source).

Market Positioning Post-EIC Accelerator Funding (March 2022)

While specifics about EIC Accelerator-related partnerships are not detailed in public records post-2022:

• Industry 4.0 Focus: DTE’s automated analyzers replace manual sampling methods, aligning with smart manufacturing trends (Source).
• Sustainability Drive: Real-time data reduces energy waste in metal production—critical for EU green initiatives like the Circular Economy Action Plan ([Implied alignment; explicit customer projects undisclosed]).

Scaling Advantages from Relationships

• Technical Validation: Collaboration with Chrysalix-backed industrials enhances credibility for large-scale deployments in primary aluminum smelters (~5–10% efficiency gains claimed).
• Global Reach: Access to Chrysalix’s network across North America, Europe, and Asia-Pacific aids entry into markets prioritizing decarbonization targets (Source).

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Sources (URL links):

6 The Hiring and Company Growth

DT Equipment ehf: Growth and Team Development Since EIC Accelerator Funding

DT Equipment ehf, an Icelandic company specializing in real-time intelligence from liquid metals, received the EIC Accelerator funding in March 2022. Since then, the company has focused on strengthening its leadership and expanding its capabilities.

Hiring and Team Growth

• New Leadership Roles: In 2021, DT Equipment announced significant changes in its leadership structure. Karl Matthiasson took over as CEO, succeeding Sveinn Gudmundsson, who became the Chief Technology Officer. This transition aimed to enhance the company's commercial focus and technical development.
• Chief Commercial Officer Appointment: The company appointed Diego Areces as Chief Commercial Officer in a move to further bolster its executive team and drive commercial growth.
• Current Team Size: The exact current headcount of DT Equipment ehf is not publicly disclosed. However, the appointment of key positions like the CCO suggests an expansion of the team.

Hiring Status and Growth

• Current Hiring Status: There is no specific information available on whether DT Equipment ehf is currently hiring. However, the company's strategic appointments indicate a focus on growth and expansion.
• Growth: The funding received from the EIC Accelerator and subsequent leadership appointments have positioned DT Equipment ehf for significant growth. The company is poised to expand its presence in the metals analytics field, leveraging its innovative technologies.

Impact of New Team Members

The addition of key team members, particularly in leadership positions, is crucial for DT Equipment ehf's future. These appointments signal a strategic push towards commercial expansion and technological advancement. The new team members will play a vital role in scaling the company by driving market-facing strategies and enhancing the company's product offerings.

Major Changes in Management

The most notable change in management was the transition of Karl Matthiasson to CEO and Sveinn Gudmundsson to CTO. This change reflects a deliberate effort to enhance both the commercial and technical aspects of the company, ensuring it remains competitive and innovative in its field.

Sources

• DTE ehf - Crustdata Company Profile, Funding and Growth
• DTE Announces New Leadership to Drive Commercial Focus and Expansion
• DT Equipment (DTE) announces the appointment of Diego Areces as Chief Commercial Officer

7 The Media Features and Publications

Media Features and Public Presence of DT Equipment ehf.

DT Equipment ehf. (DTE), an Icelandic innovator in liquid metals analytics, has garnered attention through strategic executive appointments and specialized industry positioning. While detailed post-2022 media coverage specific to their EIC Accelerator win is not publicly documented in the provided sources, the company’s visibility stems from:

• Executive Appointments: In February 2021, DTE announced Diego Areces as Chief Commercial Officer (CCO), emphasizing his 25-year industrial automation expertise from Schneider Electric to drive commercialization of their LP-LIBS™ technology.
• Industry Positioning: DTE positions itself as a leader in real-time liquid metals intelligence, focusing on digital transformation for metals production aligned with Industry 4.0 and sustainability goals.
• Technology Focus: Their solutions combine proprietary LP-LIBS elemental analysis with machine learning for predictive insights across metal production value chains.

Notable Gaps Identified:

• No direct mentions of podcasts, interviews, or conference participations by DTE’s team post-EIC funding were found in the search results.
• The company’s website (dte.ai) was not accessible in the provided data; archived information highlights Reykjavik-based operations and collaboration-driven growth strategies.

Sources
DT Equipment Press Release