Canatu raises €18M capital for growth
Canatu (Vantaa, Finland), a leader in advanced CNT for automotive and semiconductor industries, announced the closing of a €18M funding round, led by long-standing investors 3M Ventures, the venture capital arm of 3M, Ascend and eFruit International Inc. New investors to Canatu also included Minth Group Ltd., Nordea, and Varma. With this latest funding round, the company has raised a total of €74M in financing since 2008.
With its most recent funding round, Canatu plans to accelerate its vision to create the most advanced carbon nanotubes for industry-transforming products. It is one of the fastest growing technology companies in Scandinavia. In 2021, Canatu reported over 260% growth in revenue, and the profitable growth continues: In the first half of FY2022, it achieved a further 80% growth in sales and the company has made positive net income for two quarters in-a-row. As a result, new financial institutions mentioned above are now joining the exciting journey of transforming products for better tomorrows with nano carbon.
“With the new funding round, we’ll be able to accelerate the company’s growth in the semiconductor and automotive markets and expand automated manufacturing lines in Finland. It will also enable us to develop new business domains based on the most advanced carbon nanotube technology. This round of funding shows the confidence of our existing and new investors have in Canatu and ensures the company will continue its rapid growth. I am totally excited about the future of the carbon nanotube technology and Canatu,” said Juha Kokkonen, CEO of Canatu
Ari Ahola, chairman of the board, adds: “As a long-term investor, it has been exciting and rewarding to see how Canatu’s high-quality and customised CNT material has proven to be a superior solution in the new generation electronics and autonomous / EV cars. Equally rewarding is to see new similar, industry-transforming solutions for new industries in our pipeline, such as biological and chemical sensors for healthcare industry. I am confident that this funding will enable Canatu’s rapid growth and progress in its select markets.”
Canatu will use the new capital to further develop its leading carbon nanotube technology and solutions. The company will make further investments in carbon nanotube manufacturing, particularly capacity expansion to respond rapidly increasing demand from existing and new customers in the automotive and semiconductor industries. Finally, the money will be used to hire new people to accelerate the growth.
Caption: Canatu CEO Juha Kokkonen (photo : Canatu)