TouchNetix AS to Significantly Accelerate Business Growth After a Successful Series A Financing Round Following the Merger of TouchNetix Ltd with MyWo AS

TRONDHEIM, Norway and FAREHAM, England, June 17, 2021 /PRNewswire/ -- TouchNetix AS, a rapidly growing provider of next generation human machine interface (HMI) chips and sensor modules, today announced the closure of a 95M NOK ($11.5M) Series A financing round. This 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. Funds will be used to expand the already successful TouchNetix business to address the rapidly growing touchless and touch HMI markets. 

TouchNetix AS was formed in March 2021 by the merger of MyWo AS of Trondheim, Norway and TouchNetix Limited of Fareham, UK; companies which have worked together with a common strategy to develop next-generation touchscreen chips since 2016. The merger of the companies to form TouchNetix AS with TouchNetix Limited as a UK subsidiary, will allow the company to develop its workforce from around 40 employees across six countries to become a fully global organisation.

The demand for touchless UI's and for fully featured touchscreen technology as application space has expanded beyond consumer electronics has accelerated significantly during 2020. The merged company becomes a fully capable semiconductor & systems house with design, manufacturing and deployment capabilities which surpass those of much larger companies in the application space.

"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".

About TouchNetix

TouchNetix was founded in 2010 to bring capacitive touch technology to the broadest possible range of applications and customers through our deep knowledge and passion for the technology.

Headquartered in Norway and with offices in the UK, Germany, Korea and the USA, TouchNetix is a semiconductor and system company which designs and delivers aXiom chips and complete touchscreen modules with outstanding performance and the broad feature set which sets the standard for these products.

TouchNetix receives support from EU's Horizon 2020-EIC program, Innovate UK and Innovation Norway for its R&D programs developing the company's unique touch and 3D sensing technology.

SOURCE TouchNetix AS