MTEK in a SEK 60 million capital raise backed by ABB and Altra Industrial Motion.

MTEK Industry, an Alfta, Sweden-based manufacturer of software and hardware for real-time intelligent and collaborative robotics production, announced the completion of a SEK 60M ($7.2M) capital raise.

The deal values the company at SEK 550 million ($66M) and was made with existing investors from ABB via ABB Technology Ventures and with the American strategic manufacturer Altra Industrial Motion.

MTEK, founded in 2002 and led by CEO Mattias Andersson, develops fully digital and real-time collaborative containerized manufacturing solutions.

Starting with 2017, the company was part of SynerLeap, which is an ABB-backed innovation hub, located in the heart of the ABB Corporate Research Center in Västerås Sweden. At SynerLeap, MTEK started a collaboration on ABB's two-armed and collaborative robot Yumi.

ABB initially invested $2 million in MTEK in 2019.