TactoTek’s funding tops USD 20 million
TactoTek has now raised over 20 million US dollars altogether in funding, after the investment division of automotive interiors giant Faurecia bought an equity position in the Finnish provider of 3D smart design technology.
Faurecia Ventures thus secures access to TactoTek’s patented injection molded structural electronics (IMSE) technology.
“Faurecia’s automotive interiors market leadership reflects their ability to deliver innovative solutions to market; when combined with TactoTek‘s IMSE expertise, it’s an opportunity to re-think and revolutionise how and where electronic functions are deployed in vehicles, and the forms that they take,” says TactoTek CEO Jussi Harvela.
Based in Finland’s tech hub Oulu, TactoTek is concentrating on the automotive and home appliance markets, which both represent multi-billion-dollar market opportunities annually. The company’s IMSE technology can also be applied across a diversity of industries such as wearable technologies, medical devices or industrial controls.
Last summer, TactoTek received a 2.5 million-euro grant from the EU-funded Horizon 2020 Research and Innovation Program that would allow them to mass produce their IMSE solutions. These solutions have also raised the interest of a score of other investors and partners, including Conor Venture Partners, VTT Ventures, Leaguer VC, private angels and the Finnish Funding Agency for Innovation Tekes.