TactoTek secures €22M grant and loan funding, €15M from European Guarantee Fund
TactoTek (Oulu, Finland), the developer and licenser of injection moulded structural electronics (IMSE) technology, has received up to €15M in financing from the European Guarantee Fund (EGF). It is the first company to receive an EGF investment. TactoTek engaged the Grannenfelt Finance to support investment application and processing.
The funding is part of €22M raised by the Finnish tech company that also includes €4M of Venture Bridge financing led by Conor Venture Partners with Tesi participation, and €3M of government backed grant and loan funding.
The EGF is a pan-European programme to support small and medium sized businesses during the COVID-19 pandemic uncertainty and is administered by the European Investment Bank (EIB). Investments are made as venture debt financing.
TactoTek IMSE technology combines structure, electronic functions, and cosmetics in light, thin, and strong single piece smart surfaces. An independent lifecycle analysis of a reference automotive part illustrated that the IMSE solution uses 70% less plastics and generates 35% less greenhouse gas equivalents than a conventional electronics assembly, from cradle to gate. Moreover, making IMSE parts uses clean additive manufacturing processes. Popular uses for IMSE parts include control panels, functional and styling illumination in automotive, home appliance, and smart building markets.
“The pandemic is causing significant uncertainty for most businesses, and initially slowed adoption of new technology,” noted Jussi Harvela, TactoTek CEO. “We’re very positive about the market acceleration we’re experiencing, and TactoTek having access to EGF funding will inspire confidence in our customers that include global leaders in automotive, consumer/industrial brands, and their suppliers who license IMSE technology.”
Caption: An IMSE part from TactoTek (photo: TactoTek)