TactoTek secures EUR 18.5 million funding
Finnish TactoTek, a leading developer of injection molded structural electronics (IMSE) solutions, has raised 18.5 million euros in a series B funding round.
New strategic investors in TactoTek were Ascend Capital Partners, Nanogate, and Plastic Omnium, while previous investors Conor Venture Partners and Faurecia Ventures also contributed to the capital boost, as did debt instruments and grants.
“Our new investors reflect the globalisation of – and expanding use cases for – IMSE solutions,” says Jussi Harvela, CEO of TactoTek. “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.”
TactoTek will use the funding to spur growth. This will include expanding operations and production capacity at its headquarters in Oulu, and locating engineering and project management teams close to customers in Central Europe and other strategic locations. It also plans to expand its presence in Asia and North America.
TactoTek’s IMSE solutions integrate electronics into 3D structures. Leading use cases include in-vehicle applications such as smart dashboards, home and industrial appliances, and wearable technology.