TactoTek® Closes €23 Million Series C Funding Led by Nordic Option Oy and Valeado AB, Attracts Globa
OULU, FINLAND (6 February 2020) – Today, TactoTek, the Finland-based company that develops, industrializes and licenses in-mold structural electronics (IMSETM) technology for smart surface solutions, announced that it has closed €23 million in Series C equity financing co-led by Nordic Option Oy and Valeado AB. Bryan, Garnier & Co acted as the exclusive advisor on the private placement that attracted investments from global investors, business and technology leaders including 3M Ventures, Cornes Technologies Limited and Repsol Energy Ventures.
Funding 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.
“Our investments are premised on being a trusted and fully aligned local partner for global investors, together identifying top notch management teams in companies with significant global growth potential with already demonstrated market success,” said Alexander Ehrnrooth, Chairman Valeado AB. “TactoTek’s licensing business model has gained traction globally and has staying power because designers in automotive, smart home and other markets are prioritizing sustainability while creating next generation user experiences with styling, intelligence and usability that align with IMSE technology strengths.”
Commercial demand for solutions built using TactoTek IMSE platform is growing quickly. In the past year TactoTek has announced multiple licensees that will manufacture IMSE solutions. Moreover, the value of IMSE technology extends across many markets from automotive to smart home solutions as illustrated by TactoTek customer PassiveBolt receiving a 2020 CES Innovation Award for its Shepherd Lock that includes IMSE technology.
What’s more, demand for IMSE solutions has grown from early market traction in Europe to strong demand in Asia and North America. According to Makoto Seki, Managing Director, Cornes Technologies Limited, “Since establishing our partnership with TactoTek in 2018, the company and its IMSE technology have become well-known in Japan, which is reflected in their recent partnership with Japanese conglomerate Kyocera, and throughout Asia as illustrated by South Korea’s LS Automotive becoming a global IMSE licensee.”
“This new investment, and the continuing support of early investors, banks and government agencies, is a testimony to TactoTek technology innovation and commercial traction,” stated Jussi Harvela, TactoTek CEO. “New participants such as 3M Ventures and Repsol invest in innovative companies with solutions that complement their core business and create meaningful market opportunities—these relationships and this funding will accelerate and expand our success geographically and across segments as we enter this new phase of growth.”
TactoTek is a leading provider of solutions for Injection Molded Structural Electronics (IMSE) that integrate printed circuitry and electronic components into 3D injection molded plastics. Leading use cases include in-vehicle applications, home/industrial appliances, and wearable technology. TactoTek develops and industrializes IMSE technology, develops mass production ready IMSE prototypes, and licenses IMSE technology for 3rd party mass production. TactoTek is funded by Conor Venture Partners, Voima Ventures, Nordic Option Oy, Valeado AB, Faurecia Ventures, 3M Ventures, Cornes Technologies Limited, Repsol Energy Ventures, Plastic Omnium, Nanogate, Ascend Capital Partners, Leaguer VC, Nordea, Finnvera, ELY Center, Business Finland, various European Union’s funding programs and private angels. For more information, please visit www.tactotek.com
About Nordic Option Oy
Nordic Option is a venture capital fund with more than 20 years of experience investing in high growth small and medium technology enterprises that have an established presence in northern Finland. The success of our portfolio companies illustrates that our regional focus enables us to identify and support early stage businesses growing quickly and with the ingredients for long term success in Finland and international markets. Fund participants include communities and municipalities in the region and private investment companies. Learn more about our investment philosophy and portfolio companies at www.nordicoption.fi.
About Valeado AB
Valeado AB is an investment company whose strategy is to create long-term value through active ownership of public and private companies. We are currently a leading shareholder of 3 listed companies with head offices in the Nordic region and we have direct and indirect investments in more than 250 unlisted companies. In total, our group and associated companies generate annual sales in excess of SEK 68 billion and have more than 18.000 employees. Valeado ( https://valeado.se/) is one of the main companies in the Virala Group.
FocalSpec has been acquired by a Dutch listed technology company
FocalSpec is a global pioneer in designing and manufacturing high-precision, high-speed optical sensors. Their unique and patented Line Confocal Imaging (LCI) technology is used in diverse, demanding quality assurance applications e.g. in electronics industry. FocalSpec was founded in 2009 as a spin-off from VTT, the National Technical Research Institute of Finland and is
headquartered in Oulu, Finland. Apart from VTT Ventures, the company owners have included Nordic Option, Veritas Pension Insurance, Sauli Törmälä as well as several other private investors.
To strengthen the resources required to sustain and continue the high growth of the business operations, FocalSpec has today accepted the purchase offer of TKH Group NV for the entire capital stock of FocalSpec Oy. TKH Group is a Dutch listed technology company focused on high-end innovative technologies in high growth markets within three business segments: Telecom, Building and Industrial Solutions. TKH Group operates on a global scale, with growth concentrated in Europe, North America and Asia. Employing 6,533 people, TKH achieved a turnover of € 1.6 billion in 2018.
With this acquisition, TKH Group expands its vision technology with industry-leading confocal technology that solves applications in markets such as consumer electronics, battery, pharma, semiconductor and medical. FocalSpec will join the LMI Technologies group and operate under the LMI brand – a global leader in 3D inline scanning and inspection.
“Line confocal sensors offer a leap in technological performance for scanning opaque, transparent and curved materials, such as hybrid glass assemblies common in cell phone manufacturing. By combining this game-changing optical approach with our proven Gocator inspection software and volume manufacturing know-how, customers will be able to solve challenging inline metrology applications at a price/performance and ease of use never seen in the market today”, said Terry Arden, CEO, LMI Technologies.
Sauli Törmälä, Chairman of FocalSpec: “The addition of LCI technology to the 3D product portfolio of LMI Technologies builds a highly complementary set of solutions for metrology applications in critical assembly processes. Along with their leading inspection software, we believe FocalSpec and LMI will be a true powerhouse of metrology in the years to come and look forward to joining forces."
The FocalSpec unit in Oulu, Finland will act as the LMI competence center for the LCI technology globally and the current activities will continue, focused on product development and operations. The development work will gain additional resources and platforms from the LMI Group’s existing metrology operations. FocalSpec’s sales organization will be strengthened considerably as the products will get access to the LMI Group’s extensive sales network globally.
Oulu, November 1st, 2019