Today TactoTek™, a 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. The breakdown includes major equity participants 11,6M, debt, and grants 6.8M.
"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.
"TactoTek is a leader among a new wave of innovators in the automotive industry that support the industry's rapid adoption of electronic functionality to optimize existing use cases and enable new designs for smart surfaces and connectivity. Our investment in TactoTek builds on our success in the automotive sector and is complementary with other investments in our portfolio." Monita Mo, CEO, Ascend Capital Partners.
"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." David Weill, VP Marketing and Business Development at Faurecia.
"We are facing a new future market for surfaces. There is great demand for solutions for new interactive surfaces that integrate design, function and electronics. TactoTek is a good partner to develop this lucrative market." Ralf Zastrau, CEO, Nanogate SE
"Plastic Omnium's investment in Tactotek is consistent with our innovation strategy for smarter connected vehicles. Thanks to this unique plastronics technology, we will continue our developments to enrich our exterior body modules." Félicie Burelle, Senior Executive VP - Strategy & Development, Plastic Omnium
Source and images: TaktoTek