Tactus Technology Inc closes first part of Series B funding round
Fremont, California-based Tactus Technology Inc said it was able to close the first portion of its Series B founding round. New investors from Asia participated in the round, joining the company's existing investors.
Tactus Technology develops a breakthrough dynamic user interface for various devices. Its dynamic surfaces provide a dramatic innovation in the form of screens that can transform from a flat touchscreen interface to a real three-dimensional interface when necessary.
In a statement, Tactus said the new investors included Japan-based electronic supplier Ryoyo Electric Corporation and other Asian financial investors. Existing investors like Thomvest Ventures and others also reinvested in the Series B round also supported the company again because of its strong engagements with ODMs, OEMs and supply chain partners.
Although the proceeds of the latest round were not disclosed, Tactus said in the statement that it closed its Series A funding in December 2011 with $6 million. The round was led by Thomvest Ventures and participated in by corporate and private investors. As part of the deal for the Series B round, Ryoyo Electric Corporation will be the exclusive sales partner and distributor of the components and display technology subsystems in Japan.
Tactus Chief Executive Officer and Co-Founder Dr. Craig Ciesla said in the statement, "We are pleased by the validation from our new Asian investors of the progress we've made in the critical geographies for any panel-based technology. Ryoyo and our other Asian investors have chosen to invest in Tactus as they see the market potential across the industry chain with a large part of the transactional value focused in Asia."
Thomvest Venture Partner Jonathan Barker said they are also excited to lead the funding round for Tactus as the firm continues to penetrate the mobile and CE device markets. Barker, who is now also a Tactus board member, added, "This fact along with Tactus' growing IP portfolio of 17 granted patents, and more than 45 patent applications still on file has reinforced our positive outlook for this revolutionary technology."