TactoTek announced raising €23 million in Series C equity financing co-led by Nordic Option Oy and Valeado AB.

Spain Finland United States Investments 06 February 2020
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TactoTek, an Oulu Finland-based company that develops, industrializes and licenses in-mold structural electronics technology for smart surface solutions, announced the completion of €23 million ($25M) in Series C equity financing.

The funding round was co-led by Nordic Option Oy and Valeado AB and included particpation from 3M Ventures, Cornes Technologies Limited and Repsol Energy Ventures.

The proceeds 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.

TactoTek was founded in 2011 based on the technology developed at VTT and is led by CEO Jussi Harvela. Leading use cases include in-vehicle applications, home/industrial appliances, and wearable technology. TactoTek adapts customer designs to IMSE technology, develops mass production ready prototypes, and mass produces or licenses the technology for 3rd party mass production. TactoTek has a product development and own factory in Oulu, where it manufactures product prototypes and smaller product lines. With new funding, it is hiring more people in Central Europe and Asia as business progresses. It also has offices in Japan, Germany, Korea, France and the United States.

Prior to this round, raised about $45 million in equity funding, last one announced in 2018.