Finland-based in-mold structural electronics producer TactoTek has completed a €23m ($25.3m) series C round featuring diversified conglomerate Cornes, materials product maker 3M and oil and gas supplier Repsol.
Venture capital fund Nordic Option and investment firm Valeado co-led the round while 3M and Repsol invested through subsidiaries 3M Ventures and Repsol Energy Ventures. Bryan, Garnier & Co was financial adviser on the deal.
TactoTek develops, produces and licenses injection molded structural electronics: thin, lightweight 3D technology that allows electronics to be placed in areas where it would not otherwise be feasible.
The funding will support the company’s expansion into specific applications for the industrial, automotive and internet-of-things sectors. Cornes participated in the round having formed a sales and distribution in mid-2018 that gave it the rights to sell TactoTek’s products in its home country of Japan.
Jussi Harvela, chief executive of TactoTek, said: “This new investment, and the continuing support of early investors, banks and government agencies, is a testimony to TactoTek technology innovation and commercial traction.
“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.”
The series C took the company’s funding to more than $59m altogether, its early funding coming from VTT Technical Research Centre of Finland’s VTT Ventures unit, Conor Venture Partners, Tekes, Finnvera and Leaguer Group.
TactoTek added $14.5m in an early 2018 series B round featuring chemicals producer Nanogate and automotive components providers Plastic Omnium and Faurecia, the latter investing through subsidiary Faurecia Ventures, as well as Conor Venture Partners and Ascend Capital.
