Investors include 3M Ventures, Ascend, eFruit International, Minth Group, Nordea, and Varma.
In 2021, Canatu reported over 260% growth in revenue, and in the first half of FY2022 Canatu grew sales 80%.
“With the new funding round, we’ll be able to accelerate the company’s growth in the semiconductor and automotive markets and expand automated manufacturing lines in Finland,” says CEO Juha Kokkonen.
Canatu will use the new capital to further develop its CNT technology and make further investments in CNT manufacturing, particularly capacity expansion to respond to demand from customers in the automotive and semiconductor industries. Finally, the money will be used to hire new people to accelerate the growth.