Atares advises Ingenics Group on participation in the Series A financing of Tset Software GmbH
Tset, a global software provider specializing in enterprise-wide product cost and emissions calculations, was founded in Austria in 2018 by Andreas Tsetinis and Sasan Hashemi. The company offers an innovative SaaS solution that makes it possible to gain immediate insights into the impact of design changes on product costs and carbon footprint and to identify optimization potential at an early stage. Tset’s solution can be used from the early development phase through to series production, resulting in a higher margin and transparency regarding emissions for customers.
In addition to Ingenics, Carbon Removal Partners and Brose Ventures are among the investors in the current Series A round. With this investment, Ingenics will significantly strengthen its consulting services in the areas of cost engineering and total cost approach, including the carbon footprint of manufactured products.
“Due to the regulation of CO2 emissions and increasingly intense competition in the automotive industry, demand for our software is growing. We are now optimally prepared for this growth and expansion into new regions and industries. Following our successes in Europe, we are now increasingly working on entering the North American and Asian markets,” emphasize Hashemi and Tsetinis, the founders of Tset.
Ingenics Consulting intends to use the software to further strengthen and expand its consulting services in the area of cost engineering and the total cost approach. “The early concept and development phases present numerous challenges. With the software, we simulate the best-practice approach and show where the client stands in comparison with its cost structure. The aim is to optimize the overall process and identify significant savings as early as possible in the product cost calculation. This significantly reduces the effort involved in calculating product costs and CO₂ consumption,” says Herkommer.
The expansion of sales and the expansion into other sectors such as mechanical engineering, the household appliance industry and industrial construction are further objectives that will be supported by this financing round. Tset’s existing customers include well-known companies such as AGCO, Brose, Lego, Thyssenkrupp, ZF and, as of this year, the BMW Group. More than 100 developers and industrial experts are already employed at Tset’s two locations in Vienna and Kuchl.
On the atares side, the project was led by the Managing Partner, Jan Pörschmann.
