VTT spin-off company TactoTek, the leading developer of injection molded structural electronics (IMSE™) solutions, announced that it has closed $23 million in 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 globalization 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 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.