Pragmatic Semiconductor, a Cambridge, UK-based world leader in manufacturing flexible integrated circuits, completed a first close of its Series D funding round, securing an investment of £162m ($206m).
The company is planning a limited second close for key investors, of which £20m ($25m) additional investment is already allocated. M&G’s Catalyst and UK Infrastructure Bank co-led the funding round with participation from new investors including Northern Gritstone, Latitude and MVolution Partners, and existing investors such as British Patient Capital, Cambridge Innovation Capital and Prosperity7 Ventures (the diversified growth fund under Aramco Ventures).
Led by David Moore, CEO, Pragmatic is a world leader in flexible integrated circuit technology that makes it quick and easy to embed intelligence almost anywhere. FlexICs are thinner than a human hair and, invisibly embedded in objects, enable novel solutions that are simply not possible with conventional electronics. The company has built a large-scale manufacturing facility, Pragmatic Park, in Durham.
The investment will enable Pragmatic to accelerate its expansion plans in the UK. This includes building its 3rd and 4th fabrication lines at its Pragmatic Park facility in Durham. Over the next 5 years, the company anticipates building at least 8 manufacturing lines in the UK, creating over 500 highly skilled jobs in the North East and Cambridge.
Each line is capable of producing billions of chips that enable countless applications across multiple sectors including consumer, industrial, healthcare and beyond. Of particular interest is providing item level intelligence to trillions of fast-moving consumer goods via smart packaging that will improve reuse and recycling, transforming waste management, and enabling a circular economy. Other use cases include wearables, sensors and flexible controllers.
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