TactoTek collaborates with Marquardt on IMSE solution, closes €23 Million Series C funding
TactoTek, a Finland-based company that develops, industrializes, and licenses in-mold structural electronics (IMSE) technology for smart surface solutions, and Marquardt announced they are developing an IMSE solution for a leading automotive OEM in their first collaboration project. The pre-development project is for a specific vehicle family and includes full automotive validation of the IMSE parts.
“As the OEM's designers evaluated how to realize their vision, IMSE became the preferred technology choice: IMSE enables more functionality, better performance, and easier integration,” said Sami Hyyryläinen, SVP Field Operations at TactoTek. “TactoTek worked directly with the OEM to develop and produce proofs-of-concept. However, this OEM, and others, typically prefer to rely on their established suppliers for mass production. This is why TactoTek’s primary business model is licensing our technology—we invest in technology innovation and industrialization that our licensees can leverage with their customers. We are very pleased to be collaborating with Marquardt on this project.”
“As the OEM’s design objectives are very challenging, IMSE is a natural choice to us,” said Frank Stier, Director Innovations at Marquardt Group. “Delivering the full electronics feature set with the limited packaging depth and complex part shape would be difficult with a traditional electronics assembly. This is our first IMSE project, and we are eager to collaborate with TactoTek; we see many opportunities for IMSE solutions in the automotive industry and other markets.”
In addition, TactoTek announced that it has closed €23 million in Series C equity financing co-led by Nordic Option Oy and Valeado AB. Bryan, Garnier & Co acted as the exclusive advisor on the private placement that attracted investments from global investors, business and technology leaders including 3M Ventures, Cornes Technologies Limited, and Repsol Energy Ventures.
Funding will be used to expand the company’s go-to-market investments, including bridging from IMSE technology capabilities to solution design for specific automotive, smart home/IoT, and industrial applications.
Commercial demand for solutions built using TactoTek IMSE platform is growing quickly, reports the company. In the past year it has announced multiple licensees that will manufacture IMSE solutions.
“This new investment, and the continuing support of early investors, banks, and government agencies, is a testimony to TactoTek technology innovation and commercial traction,” stated Jussi Harvela, TactoTek CEO. “New participants such as 3M Ventures and Repsol invest in innovative companies with solutions that complement their core business and create meaningful market opportunities—these relationships and this funding will accelerate and expand our success geographically and across segments as we enter this new phase of growth.”
For more information, please visit www.tactotek.com.