Faurecia Ventures Investment Pushes TactoTek Funding Over 20 Million USD Mark
Automotive interiors giant takes equity position in in-mold structural electronics (IMSE) leader
OULU, FINLAND (21 February 2017) – TactoTek, a leader in injection molded structural electronics (IMSE) solutions, today announced that its funding has grown to over 20 million USD. Faurecia Ventures, the investment organization of the global market leader in automotive industry, joined other TactoTek investors in December, 2016.
“Faurecia’s automotive interiors market leadership reflects their ability to deliver innovative solutions to market; when combined with TactoTek’s IMSE expertise, it’s an opportunity to re-think and revolutionize how and where electronic functions are deployed in vehicles, and the forms that they take.” stated Jussi Harvela, CEO of TactoTek, “We are very enthusiastic about our relationship with Faurecia and the shared vision of market transformation on which it is founded.”
TactoTek is emphasizing automotive and home appliance markets, each of which represents a multi-billion-dollar annual opportunity. Because IMSE technology is horizontal in nature, its reach extends to markets as diverse as wearable technology, medical devices and industrial controls, and the company has active projects in each of these arenas.
Eric de La Gironnière, President of Faurecia Ventures, observed, “We are very pleased to partner with TactoTek. Their innovative process perfectly fits in our “smart life on board” strategy to integrate breakthrough HMI technology solutions which will play a key role in the cockpit of the future and will create a new on-board connectivity experience.”
TactoTek partners with OEMs and their suppliers to implement customer concepts in IMSE designs, and readies those parts for mass production using agile product development processes. TactoTek licenses manufacturing to third parties and does selected mass production.
Faurecia is one of the world’s largest automotive equipment suppliers, with three key Business Groups: Seating, Interiors and Clean Mobility. In 2016, the Group posted total sales of €18.7 billion. Faurecia employs 100,000 people in 34 countries at 300 sites and 30 R&D centers.