The Oulu-based company that develops and licenses Injection Molded Structural Electronics (IMSE®) technology announced that it has received up to €15 million in financing from the European Guarantee Fund (EGF). TactoTek is the first company to receive an EGF investment. TactoTek engaged the Grannenfelt Finance to support investment application and processing.
The funding is part of €22 million raised by the Finnish tech company that also includes €4 million of Venture Bridge financing led by Conor Venture Partners with Tesi participation, and €3 million of government backed grant and loan funding.
The EGF is a pan-European program to support small and medium sized businesses during COVID-19 pandemic uncertainty and is administered by the European Investment Bank (EIB). Investments are made as venture debt financing.
TactoTek IMSE technology combines structure, electronic functions, and cosmetics in light, thin, and strong single piece smart surfaces. An independent lifecycle analysis of a reference automotive part illustrated that the IMSE solution uses 70% less plastics and generates 35% less greenhouse gas equivalents than a conventional electronics assembly, from cradle to gate. Moreover, making IMSE parts uses clean additive manufacturing processes. Popular uses for IMSE parts include control panels, functional and styling illumination in automotive, home appliance, and smart building markets.
“The pandemic is causing significant uncertainty for most businesses, and initially slowed adoption of new technology,” noted Jussi Harvela, TactoTek CEO. “We’re very positive about the market acceleration we’re experiencing, and TactoTek having access to EGF funding will inspire confidence in our customers that include global leaders in automotive, consumer/industrial brands, and their suppliers who license IMSE technology.”
TactoTek is the leading provider of Injection Molded Structural Electronics (IMSE®) solutions that integrate printed circuitry and electronic components into 3D injection molded plastics. Leading IMSE use cases include human-machine interfaces (HMI), connectivity and electronic styling features for automotive, smart home, appliances and other markets. IMSE technology is a greener solution: it uses 50-70% less plastics and generates up to 35% less greenhouse gas equivalents than conventional electronic equivalents. TactoTek develops and industrializes IMSE technology, creates mass production ready IMSE prototypes, and licenses IMSE technology for 3rd party IMSE part design and global mass production.
TactoTek is funded by international leaders in finance and industry committed to advancing technology solutions that benefit consumers and the environment. TactoTek investors include Conor Venture Partners, 3M Ventures, Repsol Energy Ventures, Faurecia Ventures, Voima Ventures, Nordic Option, Tesi, Nidoco AB and Cornes Technologies Limited. For more information, please visit www.tactotek.com.
Pasi Järvenpää, VP of Marketing, TactoTek