Michelin acquires stake in Primo1D
Categorie(s) : Industry, News
Published : 1 April 2019
Primo1D just completed its second round of fundraising, bringing in €6 million from investors confident in the company’s unique technology, which places antenna components and a RFID tag inside a special yarn, which can then be integrated into materials like textiles, plastics, and rubbers. The company’s new shareholders include Michelin Ventures, the global tire leader’s VC fund. This is the first time that Michelin Ventures has announced one if its investments publicly.
Primo1D plans to hire seven employees this year and complete R&D work on four projects already underway (for tires, electric and fiber optic cable, rope for farming applications, and the apparel industry). This will be the year that Primo1D scales up its technology to prepare for volume manufacturing starting in 2020. The company will continue to focus on R&D as well, and has just renewed its joint lab with Leti for an additional three years.