Helsinki-based nanotechnology company Canatu Ltd. has raised over 9 million euros (USD 12 million) of venture capital from Russian Troika Ventures as well as from Canatu’s existing investors Inventure, Infosto and Tekes. The company intends to use the investment to expand its manufacturing capacity and to start the mass-production of transparent conductive films.
Canatu provides technology for the growing touch sensor and display market. Unlike conventional thin films, Canatu’s transparent conductor films and touch sensors are based on technology that enables the manufacture of 3D, bendable and flexible touch sensors for new device structures, shapes and functions. Canatu’s products and manufacturing processes are environmentally friendly.
— The recently raised investment of over nine million euros will be primarily used to complete the volume manufacturing capacity of Canatu’s nanomaterial thin films in Helsinki, said Risto Vuohelainen, CEO of Canatu Ltd.
—With the new manufacturing capacity, Canatu is well positioned to meet the emerging touch sensor demand globally and eventually scale up its production when the market further develops, said Vuohelainen.
By investing into its manufacturing capacity, Canatu expects to start the mass-production of its transparent conductive films later this year. Furthermore, the company intends to channel further resources into key business development activities, market development as well as the development of its nanomaterial films. The investment will create circa five new job positions, with more expected as production capacity and customer projects increase.
Canatu is a spin-off company of Aalto University. Initially established in 2004, its business operations commenced after it raised a round of initial seed funding in 2007. To date, Canatu has raised nearly 12 million euros of funding from international, domestic and public investors. The company has over 150 patents and patent applications in 17 patent families.
Canatu’s investment round, announced in March, is the latest in a series of Finnish nanomaterial manufacturers – like Carbodeon, Picodeon and Beneq – raising international venture capital in the recent years.
Canatu expects rapid growth in the touch sensor market in the near future. For the time being, mobile devices continue to be the primary market for Canatu’s offering, and the company is seeking manufacturing partners in Asia to further boost its manufacturing capabilities.
Article is published in cooperation with Good News from Finland.