Finnish technology startup FORCIOT has raised 4 million Euros in a funding round led by Swedish vehicle giant Volvo and German material engineering corporation Heraeus. The money will be used to further broaden the company’s international business entry and supply chain operations, according to Forciot. The company specializes in stretchable electronics.
“This investment enables us to scale up Forciot operations further to prepare for the mass volume phase,” said Forciot co-founder and CEO, Maria Alm. “It also supports greatly our global sales, marketing and technology development growth plans.”
A stretchable electronics and algorithm solution developed by FORCIOT can accurately measure and report force, weight, balance and pressure. The system is used in the automotive, logistics and wearable sectors, and can also be utilized as a human-machine interface (HMI) touch controller, reports Good News Finland.
“Volvo sees potential in Forciot’s technology that can be used in the interior of a new generation of cars,” Volvo Car Tech Fund’s investment director, Andreas Strasser, said in Talouselämä. “These technologies can be the basis for new innovative safety and comfort features.”
Heraeus is one of Germany’s largest family-owned companies, with a turnover of 21 billion euros in 2017. Founded in Hanau in 1851, this tech group is focused on precious and special metals, medical technology, quartz glass, sensors and specialty light sources.
“They have a strong understanding of stretching electronics and chemistry,” FORCIOT’s Alm stated in Talouselämä. “They are a potential supplier partner, and we are working together on product development. We are getting support from them for international growth.”
FORCIOT already has operations worldwide, providing its technology solutions for large-scale B2B customers.