Austrian software company Tset, a leader in enterprise-wide product cost and emissions calculations, has recently closed a Series A funding round, raising a total of $13.7 million (€12.7 million).
The Vienna-based company, founded in 2018 by Andreas Tsetinis and Sasan Hashemi, specializes in innovative automated bottom-up cost and emissions calculations for industrial goods.
Tset’s software as a service (SaaS) platform offers real-time insights into how design changes impact product costs and carbon footprints, allowing for early optimization.
This leads to higher margins and greater transparency for customers, spanning from early development to series production.
The Series A funding round attracted notable investors such as Carbon Removal Partners, Brose Ventures, and Ingenics Holding.
Ingenics, in particular, plans to enhance its consulting services in cost engineering and total cost approaches, including carbon footprint analysis, leveraging this strategic investment.
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The capital infusion will support the global scaling of Tset’s solution partner ecosystem and the enhancement of its software expertise and strategic growth initiatives.
Co-founders Hashemi and Tsetinis highlighted the increasing demand for their software driven by carbon emissions regulations and competitive pressures in the automotive industry.
They expressed confidence in their readiness for growth and expansion into new regions and industries.
Having established a strong presence in Europe, Tset is now focusing on entering the North American and Asian markets.
The company aims to broaden its reach into sectors such as mechanical engineering, household appliances, and industrial construction.
Tset’s existing client base includes companies like AGCO, Brose, Lego, Thyssenkrupp, ZF, and the BMW Group.
The software firm employs over 100 developers and industry experts across its Vienna and Kuchl sites.
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