TactoTek Secures $60 Million in Funding Led by Virala Group

TactoTek secures $60 million in funding led by Nidoco AB of Virala Group, marking a pivotal milestone to accelerate the global adoption of its transformative IMSE® technology for sustainable, lightweight, and smart electronic solutions across industries.

19 November, 2024 – Oulu, Finland – TactoTek, the global leader in In-Mold Structural Electronics (IMSE®) technology, today announced the completion of a $60 million funding round led by Nidoco AB, part of Virala Group. The financing attracted significant investments from a premier consortium of financial and strategic investors including Cornes Technologies, Elo Mutual Pension Insurance Company, European Investment Bank, Finnish Industry Investment Ltd, 3M Ventures, Ingman Group, VTT Technical Research Centre of Finland, Conor Venture Partners, and Turret Oy Ab and several private investors & employees.

"This investment marks a significant milestone for TactoTek," said Jussi Harvela, CEO of TactoTek. "Our collaborations with industry leaders such as Kyocera, Gentex, Polestar, Valeo, LS Automotive, Yanfeng, and most German Premium Automotive OEMs, validate the transformative potential of our IMSE technology. IMSE is being used to improve products and concurrently decarbonize manufacturing at scale across multiple industries. With this funding TactoTek will accelerate the adoption of IMSE globally by expanding customer-facing operations and streamlining IMSE solution design by augmenting our software-based delivery system with AI elements and plug-ins for CAD and simulation packages.”

Pioneering the Future of Electronics

TactoTek develops and validates IMSE technology that is taken to market by a global network of licensees. IMSE solutions integrate electronic functions — such as lighting, touch controls, and antennas — within 3D injection-molded structures. This innovative approach results in lightweight, thin, and durable smart surfaces that provide greater design freedom and sustainability than traditional electronics in practically any industrial vertical, including medical, consumer products, defense, automotive, and aerospace.

TactoTek leads the industry in continuous IMSE technology innovation and supports industry standardization. The company has an unparalleled intellectual property portfolio exceeding 280 granted patents in 48 patent families.

Expanding into Key Industries
 

• Automotive: Enhancing vehicle interiors with integrated control panels, ambient lighting, and smart surfaces that reduce weight and assembly complexity;
• Consumer Electronics: Enabling sleek, functional designs with embedded touch controls and illuminated branding features in devices like audio equipment and wearables;
• Home Appliances: Offering seamless user interfaces and smart functionality integrated directly into appliance surfaces;
• Industrial Applications: Providing durable, efficient solutions for control systems and interfaces in challenging environments;
• Defense: Developing ruggedized electronic components that meet stringent military standards for performance and reliability;
• Medical:  Seamless, elegant consumer medical product designs that are easily sterilized; and
• Aerospace:  Thin, light weight passenger controls and lighting.

Large Scale Investment in Finnish Deep Tech

"This USD60 million funding round is among the largest private financings in the Finnish and European deep tech space during 2024 and the family controlled Virala Group was honored to lead the round with a significant investment," said Anders Dahlblom, incoming Chairman of TactoTek, and COO of Virala Group. “Our investment reflects the market traction of TactoTek’s IMSE technology across multiple industries, including the defense sector, and its secure, highly-protected, intellectual property foundation. TactoTek and their IMSE technology are poised for rapid growth.”

Fulfilling Customer Needs and Improving Sustainability

“In today’s business climate growing businesses that succeed over time must combine capability to meet market needs, with strong environmental performance,” stated Kari Lehtonen, Portfolio Manager at Elo Mutual Pension Insurance Company. “TactoTek is delivering on both of these dimensions:  TactoTek has identified compelling solutions spanning different markets; and IMSE solutions are produced using clean, additive processes and can reduce carbon emissions significantly relative to conventional electronics.” 

Advisors

TactoTek was advised by MP Corporate Finance on financial matters and Bird & Bird on legal aspects during the funding round.

Dave Rice
SVP Marketing and Business Development Americas
TactoTek
dave.rice@tactotek.com

About TactoTek

TactoTek, Oy (Oulu, Finland), is the world leader in developing and licensing in-mold structural electronics (IMSE®) technologies. Automotive, aviation, connected home, industrial control and medical brands use TactoTek innovations to create next-generation user experiences that are compelling, differentiated, and more sustainable. Designers use TactoTek IP to integrate circuits and components directly into plastic parts, transforming conventional structures into smart interactive surfaces. TactoTek licenses its intellectual property, including over 280 patents and critical know-how developed over a decade of intensive R&D and quality testing, to global manufacturers who use reliable, standardized manufacturing processes to produce curved-shape and conformal electronics. Learn more at www.tactotek.com.