Canatu has raised a 10 million euro private equity investment, the manufacturer of flexible and transparent conductive films and touch sensors said on Wednesday.
The financing round comes on top of a 12 million euros loan from EIB, which the firm unveiled in July, making Canatu one of the best-funded startups in Finland at the moment.
“The funding will enable Canatu to respond to solid market demand and to invest heavily in R&D and manufacturing expansion. Plans also include the construction of a new, larger factory,” the firm said.
The company currently employs 40 people worldwide and its headquarters and production facilities are located in Helsinki, and it has started an aggressive recruitment campaign, aiming to double the headcount.
Canatu’s products are found in a range of flexible devices such as wearables, wrist computers, smart watches, smart cards, foldable tablets, and in curved and 3D shaped touch surfaces in automotive center consoles and game controllers.
The new investment comes from a range of new and existing investors such as Inventure and Infosto Group. The latest significant investor is a major global automotive company.
“Inventure has been behind Canatu since 2010. We have followed Canatu every step of the way and are extremely excited with the multiple, exciting and innovative projects it is currently involved in with industry-leading brands. Canatu’s technology is now steps ahead of its peers,” Sami Lampinen, Managing Director of Inventure and Chairman of the Board at Canatu, said in a statement.