Daphne Technology raises CHF 3 million to boost development of climate mitigation tech

13.12.2022 15:10, Morgane Ghilardi

The EPFL spinoff Daphne Technology, which works on solving the greenhouse gas challenge, announced that it has raised another CHF 3 million from institutional investors advised by J.P. Morgan Global Alternatives' Global Transportation Group. The funds raised extend Daphne Technology's successful Series B investment round announced in March 2022, bringing the total to CHF 17 million. Daphne Technology is a Venture Kick and Venture Leaders alumnus and has made the TOP 100 Swiss Startup ranking five years in a row.

A dramatic reduction of greenhouse gas (GHG) emissions is necessary to meet the Paris Agreement goals and International Maritime Organization (IMO) regulations. Daphne Technology focuses on solving the GHG challenge in tough-to-decarbonize industries by developing next-generation climate mitigation technology.
 
Today, the company announced that it has extended its Series B financing round with an additional close of CHF 3 million, bringing the total raised in this round to CHF 17 million. Series B strategic investors included Shell Ventures, Trafigura, AET Tankers, Swisscom, and Saudi Aramco Energy Ventures.

Founded in 2017 by CEO Mario Michan, the company is based in Switzerland and has R&D facilities in Lausanne and Fribourg. It also has subsidiaries in Norway and Sweden. Its range of analytics and emission reduction products includes SulPure, PureMetrics, and SlipPure.

Daphne Technologies was awarded CHF 130,000 as a Venture Kick winner in 2018. In 2020, the company was chosen to participate in the Venture Leaders China program; CEO Mario Michan joined other deeptech entrepreneurs for an investor roadshow in the Guangdong region. The company was also voted a TOP 100 Swiss Startup every year from 2018 to 2022 by a panel of experts and investors, winning 10th place this year.


Daphne's management team at the R&D facility in Fribourg this year. From left to right: Founder and CEO Mario Michan, Chief Growth Officer Fredrik Hedlund, CFO Ivan Raleff, and CTO William Ramsay


Daphne's CEO at the TOP 100 Swiss Startup Award 2022. The company earned a place among the top ten companies in the ranking this year.