VTT spinout TactoTek has closed a $14.5m funding round that featured a range of strategic investors such as Plastic Omnium and Nanogate.
TactoTek, a Finland-based 3D-moulded part producer spun out from VTT Technical Research Centre of Finland, closed a $14.5m round yesterday with participation from chemicals company Nanogate and automotive components manufacturer Plastic Omnium.
The round also featured VC and advisory firm Ascend Capital, whose involvement was previously reported in December 2017, as well as automotive parts maker Faurecia’s corporate venturing unit Faurecia Ventures and VC firm Conor Venture Partners.
TactoTek additionally obtained debt financing and grants, amounting to a total of $8.5m. Nordea Bank acted as the debt provider, while Business Finland and Ely Center supplied grants.
Incorporated in 2011, TactoTek manufactures injection-moulded structural electronics (IMSE) that integrate printed circuitry and electric components into 3D injection-moulded plastics. The approach means parts such as light-emitting diodes can be formed into custom shapes.
The spinout offers a range of services related to the technology – clients can custom-design products, such as home appliances or wearable devices, order production-ready prototypes or license the technology for third-party mass production.
The cash will enable TactoTek to accelerate growth, expanding operations and production capacity at its headquarters in Oulu, and hire engineers and project managers throughout central Europe and other markets. Additionally, TactoTek will expand across Asia and North America.
TactoTek previously raised more than $20m, including a December 2016 round that included Faurecia Ventures and a range of undisclosed backers. VTT Ventures, the investment arm of VTT, and Conor Venture Partners co-led a $1.8m seed round in 2012.
The spinout’s shareholders also include Leaguer Group, a private equity firm founded by Research Institute of Tsinghua University, Finnish state-owned innovation funding agency Tekes and government-owned financing firm Finnvera.
Jussi Harvela, chief executive of TactoTek, said: “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 Center.”