September 7, 2016 / 8:45 AM / 2 years ago

Flexible display start-up Canatu Oy secures 10 mln euro funding

HELSINKI, Sept 7 (Reuters) - Finnish nanotechnology start-up Canatu Oy said on Wednesday it had secured 10 million euros ($11 million) of funding on top of a loan of 12 million arranged in July from the European Investment Bank to help it expand in the bendable display market.

Canatu said it had received “late stage funding via a series of investments” from investors including a Finnish venture capital firm Inventure and a global automotive company.

The company makes films and sensors for flexible touch screen devices. It said a smart watch with a touch screen that swirls around wrist, based on its technology, was due to be launched early next year.

Canatu said it is also working with an automaker which aims to integrate the dashboard and centre console into one large touch display.

The company, which was established in 2008 as a university spin-off, said it now plans to expand its production capacity in Helsinki and double its current staff of 40 people.

$1 = 0.8894 euros Reporting by Jussi Rosendahl; editing by Jason Neely

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