Vienna-based cost and carbon management platform Tset, tailored for the manufacturing industry and combining data-driven algorithms with decades of hands-on industry knowledge, has raised €12.7 million in a Series A funding round from Carbon Removal Partners, Brose Ventures, and Ingenics Holding.
- Established in 2018 by Andreas Tsetinis and Sasan Hashemi, Tset develops cloud-based software that manages product costs and carbon footprint.
- The startup offers two products: Tset for cost and carbon calculation, which automates processes and enhances calculations throughout the product lifecycle to reduce costs and CO2 emissions in manufacturing, and Tset for measure tracking, which ensures financial health through efficient monitoring, analysis, and strategic cost reduction.
- Tset is used by leading companies such as BMW Group, ROTAX, AGCO, DMG MORI, KTM, and Chiron Group. The startup also claims that its software delivers a 15% efficiency gain across the entire supply chain and enables cost calculations that are 10 times faster, effectively eliminating bottlenecks in cost engineering.
Details of the deal
- The investment was backed by Carbon Removal Partners, a Zurich-based venture capital firm that focuses on the growing Carbon Removal industry, as well as German family-owned automotive suppliers Brose Ventures, and Ingenics Holding.
- The new capital will help Tset expand its global partner ecosystem, enhance its software expertise, and drive strategic growth, while also advancing its cost engineering and total cost approach offerings.
