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TouchNetix looks to significantly accelerate business growth

TouchNetix, a provider of next generation human machine interface (HMI) chips and sensor modules, has announced the closure of a $11.5m Series A financing round.

The company, which is based in Trondheim Norway, said that the funds would be used to expand the business to address the rapidly growing touchless and touch HMI markets.

TouchNetix was formed in March last year by the merger of MyWo and UK-based TouchNetix. Both companies had worked together since 2016 to develop next-generation touchscreen chips and the merger of the companies, with TouchNetix Limited now operating as a UK subsidiary, was seen as allowing the company to become a more active global organisation.

The demand for touchless UI’s and for fully featured touchscreen technology has expanded beyond consumer electronics and growth has accelerated significantly during 2020. The merged company is now a semiconductor and systems house with design, manufacturing and deployment capabilities.

“We are excited to be supported by such a strong base of investors as we launch our semiconductor capabilities and implement them across a broad range of global markets,” remarked Vegard Wollan, co-founder and CEO. “Existing touchscreen technology is widespread and highly successful but the demand for a full range of features including touch, touchless, force sensing, haptic control and 3D sensing is creating an entirely new level of demand which isn’t addressed by the incumbent providers”.

“The Series A round of funding following the merger of the two companies will provide a significant boost to our capabilities,” said Chris Ard (co-founder & managing director, TouchNetix Ltd). “We look forward to expanding our global presence and to growing our customer base with our leading-edge capabilities in the coming years”.

This funding round was managed by Sparebank1 Markets with Alliance Venture, Firda, Investinor, Investitude, and Salvesen & Thams as institutional investors along with a small group of private investors.

Neil Tyler

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