Finland’s TactoTek, which designs injection molded structural electronics (IMSE) solutions, has raised $23 million in funding from Ascend Capital Partners, Nanogate, Plastic Omnium, Conor Venture Partners, and Faurecia Ventures along with debt funding and grants.
The Series B round includes debt funding from Nordea Bank and grants from Business Finland and ELY Center that totals around $8.4 million. As part of the deal, French car parts maker Faurecia has renewed its commitment to the company, having previously backed the company last year.
TactoTek, based in Oulu, designs and develops injection molded structural electronics solutions that it targets at automotive interiors, wearable devices, and home appliances. The new funds will be used to expand in Asia and North America as well as opening an engineering base in Central Europe.
“Our new investors reflect the globalization of - and expanding use cases for - IMSE solutions,” said Jussi Harvela, CEO of TactoTek in a statement. The backers in particular will bring experience in the automotive sectors and expertise in reaching the Asian markets.
“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,” said Monita Mo, CEO of Ascend Capital Partners.