Tau, a Turin, Italy-based e-mobility and advanced materials startup, raised €6.75m in series A funding.
Backers included a consortium of two leading Middle Eastern sovereign wealth funds, the Russian Direct Investment Fund (RDIF) and a German investment manager. This round’s initial investment was made by the corporate venturing arm of German specialty chemicals company Altana AG. As part of the transaction, the new investors take an additional board seat for a minority stake.
The funds will be used to speed up new product development, widen the product range of high-performance wires and to scale up industrial production to deliver to global producers of electric cars, buses, trucks, aircraft and ship vessels from early 2022 onwards.
Led by Francesco Taiariol, co-founder and Chief Executive Officer, and Filippo Veglia, co-founder and Chief Sales Officer, Tau has developed DryCycle® technology, which sets a new standard of wire coating. The strict use of solvent-free polymers eliminates the emission of harmful VOC and greenhouse gases while a simplified production process minimizes the use of resources, reducing energy consumption and waste. Tau’s LILIT® technology provides the essential inline quality control to assure reliability of polymer insulation in magnet wire and electrical steel.
The company, which is focused on applications for automotive, energy and agriculture, has some 40 employees across offices in Turin (Italy), Moscow (Russia) & Berlin (Germany).