German artificial intelligence company bags steel development investment

Smart Steel Technologies, an artificial intelligence (AI) technology company based in Berlin has concluded a financing round to develop its business with investor LEA Partners.

The investment involved is €2.1 million ($2.3m), Kallanish notes.

Smart Steel Technologies provides ready-to-use AI solutions for steel production. The targets for these solutions are primarily temperature optimisation, reduction of casting defects and improved quality control.  The company started its activities in 2016, was established under the current name in 2019 by Falk-Florian Henrich, and currently employs a staff of 15 at its headquarters in Berlin.

LEA Partners’ growth financing will provide the company, with support from an investor for the first time, Kallanish learns. The capital will primarily be invested in the further development of software products and the establishment of additional customer relations in Europe. In addition, a development site is to be opened at the distinguished AI cluster in Karlsruhe and expansion into the USA will be propelled forward, the company says.

“The steel industry is under enormous competitive pressure worldwide. At the same time, plants can only optimise their processes at liquid steel temperatures above 1550° Celsius under extreme risk,” Henrich says in a statement.