Finland-based 3D-moulded part producer TactoTek closed a $14.5m round yesterday featuring chemicals supplier Nanogate and automotive components makers Plastic Omnium and Faurecia, the latter through its Faurecia Ventures unit.
The round also included venture capital firm Conor Venture Partners and VC and advisory firm Ascend Capital, whose involvement was previously reported in December 2017.
TactoTek additionally secured a total of $8.5m in debt financing and grants. Nordea Bank acted as the debt provider, while Business Finland and Ely Center supplied the grant funding.
Spun out from VTT Technical Research Centre of Finland 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.
TactoTek also provides additional services meaning 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, and hiring engineers and project managers throughout central Europe and other markets. It also plans to expand in Asia and North America.
TactoTek had previously raised more than $20m, including an undisclosed sum in December 2016 from investors including Faurecia Ventures. It had received $1.8m in a 2012 seed round co-led by VTT’s investment arm, VTT Ventures, and Conor Venture Partners.
The spinout’s shareholders also include Finnish state-owned innovation funding agency Tekes, government-owned financing firm Finnvera and Leaguer Group, a private equity firm founded by Research Institute of Tsinghua University.
– Image courtesy of TactoTek Inc. The original version of this article appeared on our sister site, Global University Venturing.