Tau announced raising €6.75 million in series A funding.
Tau, a Turin, Italy-based manufacturing startup, announced the completion of a €6.75 million ($8.1M) series A funding round.
The money includes an initial contribution from the corporate venturing arm of German specialty chemicals company Altana AG and other proceeds raised from a consortium of two leading Middle Eastern sovereign wealth funds, the Russian Direct Investment Fund (RDIF) and a German investment manager.
The new investors will also take an additional board seat for a minority stake.
The funds will be used to speed up new product development, widen the product range of high-performance wires and to scale up industrial production to deliver to global producers of electric cars, buses, trucks, aircraft and ship vessels from early 2022 onwards.
Tau, founded in 2015 by CEO Francesco Taiariol and Filippo Veglia, developed what they call the DryCycle technology, aiming to set a new standard of wire coating. The strict use of solvent-free polymers eliminates the emission of harmful VOC and greenhouse gases while a simplified production process minimizes the use of resources, reducing energy consumption and waste. Tau’s LILIT technology provides the essential inline quality control to assure reliability of polymer insulation in magnet wire and electrical steel.
Business cases include applications for automotive, energy and agriculture.