Eindhoven, The Netherlands - 05 Sep. 2025: TracXon, a deep-tech spin-off from TNO, has secured €4.75 million ($5.50 million) in seed funding to accelerate the industrialization of hybrid printed electronics (HPE).  This breakthrough technology offers a sustainable, resource-efficient alternative to traditional printed circuit boards (PCBs), one of the most polluting components in electronics. The round was led by DeepTechXL, with participation of Invest-NL and the Brabant Development Agency (BOM). BOM continues its support following a pre-seed investment extended to TracXon.

Founded in 2022, TracXon has pioneered the transition from lab-scale to industrial-scale production of HPE. With a 5x lower carbon footprint and a 12x lower material use, TracXon’s technology offers a sustainable and functionally superior alternative to the resource intensive and bulky traditional printed circuitboard (PCB) technologies. These reductions directly contribute to the circular economy and a more sustainable digital industry.

Co-developing and manufacturing HPE products
In 3 years, TracXon has supported over 20 customers from 10 countries by co-developing and manufacturing their HPE products, leveraging unique design and application know-how and roll-to-roll (R2R) manufacturing capabilities. The end applications enabled by TracXon range from compact Industrial- and Wearable Internet of Things (IoT) devices, all the way up to large-area devices (>1 m²) such as LED foils for display and lighting applications.

Unique patented equipment
TracXon will leverage the seed investment to build unique, patented equipment to enable multi-layered and double-sided HPE, starting off with the first-of-its-kind R2RVIA Printer. This machine, expected to be commercialized in mid-2027, will enable vertical interconnections between circuit layers on two sides of a substrate roll, marking a significant advancement in sustainable electronics manufacturing.

Ashok Sridhar, Co-founder and CEO: “TracXon is leading a paradigm shift in the way electronics are manufactured: from subtractive and unsustainable to additive and highly sustainable. The seed investment round will propel us towards our bold ambition of replacing at least 10% of the PCBs with our HPE technology by 2033, which translates to approximately €15 billion worth of circuitry per year. Our technology represents a tremendous step forward in realizing “ubiquitous electronics” in a socially responsible manner”.

Hans Boumans, Director TNO Ventures: “We are proud of this achievement. TracXon is a prime example of how TNO innovations can evolve into impactful ventures. TNO invests in technologies that contribute to a better world, and TracXon is directly contributing to a more sustainable future by fundamentally transforming how electronics are produced.”

Soukaina Adnane, Investment Manager at DeepTechXL: “We are delighted to have TracXon joining the DeeptechXL portfolio. We believe that TracXon technology is essential to unlock and accelerate innovation in diverse fields globally. Its R2R VIA printer machine will be a key to advance printed electronics.”

Liz Duijves, Investment Manager at Invest-NL: “TracXon demonstrates how Dutch deep tech innovation can drive global impact. By tackling one of the most resource-intensive components of modern electronics, they contribute directly to the circular economy and Europe’s digital sovereignty.”

Jurgenvan Eck, Senior Investment Manager at BOM: “More sustainably produced electronics is a must for our further transition to a circular economy. To have the opportunity to support an electronics equipment proposition in our region that drives that movement is great, as North-Brabant is the hot-spot for complex machine building and high-tech innovation.”

The TracXon Founding Team of Corne Rentrop, Raghu Pendyala and Ashok Sridhar welcomes the new investor consortium, while thanking the existing investors and lenders(TNO, Smart Industries Fund, Brabant Startup Fonds and Rabobank), as well asTNO Holst Centre, for their trust and support.

About DeepTechXL:

DeepTechXL is dedicated to investing in early-stage Deep Tech ventures that drive societal impact and address grand challenges. Our diverse and experienced team, including successful entrepreneurs, DeepTech investors, M&A experts, and venture builders, collaborates closely with ventures, providing hands-on support to scale high-impact, high-value businesses. We focus on empowering innovative entrepreneurs to share knowledge and grow, fostering a community of impact-driven technology leaders. Supported by industry giants like ASML,Philips, and PME Pensioenfonds, DeepTechXL is committed to nurturing the Dutch startup ecosystem.

About Invest-NL:

Invest-NL is the National Promotional Institution of the Netherlands, committed to driving a sustainable and innovative future. We accelerate and finance major societal transitions in the fields of Agrifood, Biobased & Circular Economy, DeepTech, Energy, and Life Sciences & Health.

As a system player, we connect innovative entrepreneurs, financiers, knowledge institutions, and governments—both in the Netherlands and abroad. We remove barriers, mobilise capital, and help develop emerging sectors. Through capital, expertise, and new financial instruments, we invest in tomorrow’s solutions. Where the market hesitates, we take the first step. That is how we create impact.

About BOM:

Entrepreneurship is the driver of innovation – from sustainable food sources to a healthy future, climate-neutral energy, and developing promising key technologies. The Brabant Development Agency (BOM) ensures that startups playing a role in these fields receive the right support and funding to get off to a flying start and grow into scale ups, and that companies that aspire to go global can actually do so. Every year BOM works with dozens of companies to create this impact. BOM is an executive body of the Province of Brabant and the Ministry of Economic Affairs.

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