Ascend Capital backs TactoTek in $23m round

Previous investors, including Conor Venture Partners and global automotive interiors manufacturer Faurecia also participated in the second close of a series-B funding round.

TactoTek will use the fresh capital to accelerate growth, including expanding operations and production capacity at its headquarters in Oulu, Finland. It will relocate its engineering and project management teams to be closer to customers in central Europe and abroad.

With plans to expand its presence in Asia and the US, TactoTek will use Ascend's experience in European and Asian automotive markets.

The equity funding was supplemented with a debt package from Nordea Bank, in addition to grants from Business Finland and the ELY Center.

With the latest round, the company has raised $50m funding in total.

Previous funding
In February 2012, Conor Venture Partners and VTT Ventures led a seed financing round for the touch panel developer, according to Unquote Data.

The company received a €2.5m grant from the EU's Horizon 2020 programme in 2016.

Company
Founded in 2011, TactoTek focuses on developing low-cost touch panels for electronics. The company is based in Oulo, Finland.

People
TactoTek – Jussi Harvela (CEO).
Ascend Capital Partners – Monita Mo (CEO).

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• Topics
• Early-stage
• Nordics
• Industrials
• Finland
• Venture