Vienna-based software company Tset has secured €12.7 million in its Series A funding round. This investment, led by Carbon Removal Partners, Brose Ventures, and Ingenics Holding, aims to strengthen Tset’s leadership in cost and carbon management solutions across new markets and industries. Ingenics plans to use its share to enhance its consulting services in cost engineering and carbon footprint analysis.
Founded in 2018 by Andreas Tsetinis and Sasan Hashemi, Tset offers cloud-based SaaS solutions that provide real-time insights into product costs and emissions. This technology helps businesses optimize their processes from development to production, improving margins and transparency regarding emissions. The software uses secondary data to deliver complete and accurate analyses, minimizing the need for primary data. The platform is used across various industries, including automotive and aerospace, and is supported by a team of over 100 experts.
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Strategic Goals and Market Expansion
The new funding will be utilized to expand sales and diversify into sectors such as mechanical engineering, household appliances, and industrial construction. Founders Tsetinis and Hashemi highlighted the growing demand for their software due to stricter CO2 emission regulations and increasing competition in the automotive industry. The company is preparing for growth and plans to expand its market presence in North America and Asia following its success in Europe.
Esteemed Clientele and Industry Impact
The company’s current customer base includes renowned companies such as AGCO, Brose, Lego, Thyssenkrupp, ZF, and the BMW Group. This diverse clientele underscores the effectiveness and broad applicability of Tset’s solutions.
About the Investors
Brose Ventures: One of the world’s largest family-owned automotive suppliers, specializing in mechatronics and manufacturing systems for vehicle doors, lids, and seats, as well as electric motors for various applications.
Ingenics Holding: An international firm specializing in management consulting, software engineering, and personnel services, focusing on operational and digital transformation.
Carbon Removal Partners: A Zurich-based VC firm dedicated to the Carbon Removal industry, investing in technologies that permanently remove carbon from the atmosphere and supporting the growth of a global Carbon Economy.
With this substantial investment, the startup from Austria is poised to enhance its technological offerings and expand its reach, driving innovation in cost and carbon management for the manufacturing sector.
