Finland capital

Canatu raises 18 million euros in capital for its growth

Canatu announced the closing of an €18 million funding round, led by longtime investors 3M Ventures, 3M’s venture capital arm, Ascend and eFruit International Inc. New Canatu investors also included Minth Group Ltd., Nordea and Varma.

With this latest funding round, Canatu has raised a total of €74m in funding since 2008.

With its latest funding round, Canatu plans to accelerate its vision to create the most advanced carbon nanotubes for products that transform the industry.

Canatu is one of the fastest growing technology companies in Scandinavia. In 2021, Canatu achieved over 260% growth in revenue, and the profitable growth continues – in the first half of fiscal 2022, Canatu recorded further 80% growth in sales and the company achieved a positive net profit for two consecutive quarters. As a result, the new financial institutions mentioned above are now joining the excitement of transforming products for a better tomorrow with nano carbon.

“With this new funding round, we will be able to accelerate the company’s growth in the semiconductor and automotive markets and expand automated manufacturing lines in Finland,” said Juha. Kokkonen, CEO of Canatu. “It will also allow us to develop new business areas based on the most advanced carbon nanotube technology. This round of financing shows the confidence of our existing and new investors in Canatu and ensures that the company will continue its rapid growth. I am totally excited about the future of carbon nanotube technology and Canatu.

“As a long-term investor, it has been exciting and rewarding to see how Canatu’s high-quality, custom CNT material has proven to be a superior solution in next-generation electronics and self-driving/EV cars. “, added Ari Ahola, president of the table. “It is equally gratifying to see similar and transformative new solutions for new industries in our pipeline, such as biological and chemical sensors for the healthcare industry. I am confident that this funding will enable rapid growth and progress of Canatu in its selected markets.

Canatu will use the new capital to further develop its cutting-edge carbon nanotube technology and solutions. The company will make new investments in carbon nanotube manufacturing, particularly expanding its capacity to meet growing demand from existing and new customers in the automotive and semiconductor industries. Finally, the money will be used to hire new people to accelerate growth.