TactoTek completes its investment round to $23M, adds German and French strategic investors.

TactoTek, an Oulu, FInland and Bloomfield Hills, MI, USA-based company which does manufacturing and technology licensing of 3D smart in-mold electronics, announced the completion of its investment round totalling $23M.

The company announced an initial $6M capital infusion from Chinese VC Ascend Capital at the end of 2017.

The investment round attracted new strategic investors German Nanogate, and French Plastic Omnium, continuing participation from prior investors, including Conor Venture Partners and Faurecia Ventures. The amount includes debt instruments from Nordea and grants from Business Finland and ELY Center, totalling $8.4M.

TactoTek will use the funding proceeds to accelerate growth, including expanding operations and production capacity in its Oulu, Finland, headquarters, and locating engineering and project management teams close to customers in Central Europe and elsewhere. The company is also expanding its presence in Asia and North America.

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.