Tset closes Series A round with EUR 12.7 million to expand its leadership position in new markets and industries

Tset (Tset Software GmbH) is a global software provider specialising in enterprise-wide product cost and emissions calculations [for industrial goods]. Founded in 2018 by Andreas Tsetinis and Sasan Hashemi, the Austria-based company is a leader in innovative automated bottom-up cost and emissions calculation. Tset's SaaS software provides immediate insights into how design changes can affect product costs and the carbon footprint, and thereby identifies optimization potential at an early stage. The solution can be used from the early development phase right through to series production. The result for the customer is a higher margin and greater transparency with regard to emissions. 

In the current Series A round, a number of well-known investors have invested more than 12.7 million euros. These include Carbon Removal Partners, Brose Ventures and Ingenics Holding. As a strategic partner, Ingenics will use the investment to significantly strengthen its consulting services in the areas of cost engineering and total cost approach (including the carbon footprint of manufactured products). The financing round will further drive not only the scaling of the global solution partner ecosystem, but also the expansion of software solution expertise and strategic growth.

Hashemi and Tsetinis emphasise: ‘Due to the regulation of CO₂ emissions and the increasingly intense competition in the automotive industry, the demand for our software is continuously growing. We are now optimally prepared for this growth and expansion into new regions and sectors. Following our success in Europe, we are now increasingly working on entering the North American and Asian markets.’ To this end, sales are to be continuously expanded and the diversification into other sectors such as the mechanical engineering and household appliance industries, as well as industrial construction, is to be stepped up. The existing customer base includes companies such as AGCO, Brose, Lego, Thyssenkrupp, ZF and, since this year, the BMW Group.

Today, more than 100 developers and industry experts are already employed at Tset's two sites in Vienna and Kuchl.