TactoTek raises expansion funds for injection moulded electronics distribution
TactoTek, a Finnish developer of injection moulded structural electronics solutions, has raised $23 million (£16.4 million) in funding, from new investors Ascend Capital Partners, Nanogate, and Plastic Omnium, with participation from prior investors, including Conor Venture Partners and Faurecia Ventures, as well as debt instruments and grants.
Jussi Harvela, TactoTek CEO, “Our new investors reflect the 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. 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 Centre.”
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 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.
Monita Mo, CEO of Ascend Capital Partners, said: “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 optimise 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.”