TactoTek secures US$23 million funding to accelerate growth

TactoTek secures US$23 million funding to accelerate growth

Finnish developer of injection moulded structural electronics (IMSE) solutions TactoTek says that it has closed US$23 million funding. The investment round attracted new strategic investors, Ascend Capital Partners, Nanogate, and Plastic Omnium, continuing participation from prior investors, including Conor Venture Partners and Faurecia Ventures, as well as debt instruments and grants.

“Our new investors reflect the globalisation of - and expanding use cases for - IMSE solutions,” said Jussi Harvela, TactoTek CEO. “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 says 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.

TactoTek will use the funding proceeds 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.

“Integrating electronics into 3D plastic structures, plastronics, is transforming vehicle interior design. Faurecia is investing in an ecosystem of plastronic companies, and TactoTek integrates those technologies into light, thin, functional solutions,” said David Weill, VP Marketing and Business Development at Faurecia.

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