Oulu, Finland-based TactoTek, a leading developer of injection moulded structural electronics (IMSE) solutions, has closed $23m (€18.4m) in funding, as part of its growth strategy.
The company has secured the funding from new investors, including Ascend Capital Partners, Nanogate, and Plastic Omnium, as well as prior investors such as Conor Venture Partners and Faurecia Ventures.
TactoTek is the manufacturer of 3D structural electronics by integrating printed circuitry and discrete electronic components into injection-moulded plastics
According to Jussi Harvela, TactoTek CEO, the new investors reflect the company's globalisation of - and expanding use cases for IMSE solutions.
“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,” explained Harvela.
This is the second investment in TactoTek by global automotive interiors leader.
In December 2016, another automotive giant Faurecia joined other investors in raising $20m in funding for TactoTek.
TactoTek IMSE systems offer light, thin, and durable electronics for diverse markets, including automotive, appliances, and wearable/IoT solutions.
TactoTek will use the funding proceeds to accelerate growth, including expanding operations and production capacity in its Oulu, Finland, headquarters.
Additionally, the company aims to expand its engineering and project management teams close to customers in Central Europe and increase presence in Asia and North America.
“TactoTek… supports the industry's rapid adoption of electronic functionality to optimise existing use cases and enable new designs for smart surfaces and connectivity,” said Monita Mo, CEO, Ascend Capital Partners.
Also commenting on the fund-raising round, David Weill, VP Marketing and Business Development at Faurecia, said plastronics – integrating electronics into 3D plastic structures – was transforming vehicle interior design.
“Faurecia is investing in an ecosystem of plastronic companies, and TactoTek integrates those technologies into light, thin, functional solutions," Weill added.
“Thanks to this unique plastronics technology, we will continue our developments to enrich our exterior body modules,” also commented Félicie Burelle, senior executive vp – strategy & development, Plastic Omnium