FORCIOT raises EUR 4 million for stretchable electronics
Swedish vehicle giant Volvo and German material engineering corporation Heraeus have together invested four million euros in Tampere-based stretchable electronics startup FORCIOT.
According to FORCIOT, the capital injection will help to further broaden its international business entry and supply chain operations.
“This investment enables us to scale up Forciot operations further to prepare for the mass volume phase,” said the company’s co-founder and CEO, Maria Alm. “It also supports greatly our global sales, marketing and technology development growth plans.”
FORCIOT has developed a stretchable electronics and algorithm solution that accurately measures and reports force, weight, balance and pressure. The system is used in the automotive, logistics and wearable sectors, and can also be utilised as a human-machine interface (HMI) touch controller.
“Volvo sees potential in Forciot’s technology that can be used in the interior of a new generation of cars,” Volvo Car Tech Fund’s investment director, Andreas Strasser, said in Talouselämä. “These technologies can be the basis for new innovative safety and comfort features.”
Heraeus is one of Germany’s largest family-owned companies, with a turnover of 21 billion euros in 2017.
“They have a strong understanding of stretching electronics and chemistry,” FORCIOT’s Alm stated in Talouselämä. “They are a potential supplier partner, and we are working together on product development. We are getting support from them for international growth.”
FORCIOT already has operations worldwide, providing its technology solutions for large-scale B2B customers.