Today TactoTek, the leading developer of injection molded structural electronics (IMSE) solutions, today announced that it has closed $23 million in additional funding. The investment round attracted new strategic investors like Ascend Capital Partners, Nanogate, and Plastic Omnium, but previous investors also joined the round.
Founded in 2011, the Oulou-based company ant its IMSE solutions transform how electronics are designed and produced for diverse markets, including automotive, appliances, and wearable/IoT solutions. Light, thin, and durable, IMSE solutions bring electronic functions to stylish cosmetic surfaces and also for unconventional locations and uses. To get a better sense of what that actually means, check out the video below this article.
Jussi Harvela, CEO at TactoTek, stated: “Our new investors reflect the globalization of – and expanding use cases for – IMSE solutions. Ascend brings expertise in European and Asian automotive markets; Nanogate’s high performance surfaces are prominent in appliance markets as well as automotive; and Plastic Omnium is a global leader in several automotive exterior segments, including intelligent bumpers and light, reactive tailgates. This is the second investment in TactoTek by global automotive interiors leader, Faurecia, and reflects our deepening strategic cooperation. In this round we augmented equity funding with debt instruments from Nordea Bank, and grants from Business Finland and ELY Center.”
TactoTek will use the fresh capital to accelerate growth, including expanding operations and production capacity in its Oulu, Finland, headquarters, and locating engineering and project management teams close to customers in Central Europe and elsewhere. The company is also expanding its presence in Asia and North America.
Monita Mo, CEO at Ascend Capital Partners, commented: “TactoTek is a leader among a new wave of innovators in the automotive industry that support the industry’s rapid adoption of electronic functionality to optimize existing use cases and enable new designs for smart surfaces and connectivity. Our investment in TactoTek builds on our success in the automotive sector and is complementary with other investments in our portfolio.”
In total, TactoTec now raised about $50 million in funding. In 2016 TactoTec also received a €2.5 million grant from the EU’s Horizon 2020 program.