Home Digital Pragmatic Semiconductor increases Series C funding to $125 million
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Pragmatic Semiconductor increases Series C funding to $125 million

by uma

 

 

New investment supports continued growth towards vision of electronics in everything

Pragmatic Semiconductor, a world leader in flexible electronics, is proud to announce that it has secured $35 million additional investment from high quality institutional investors. This brings the total raised in its Series C round to $125 million, oversubscribing the original target by more than 50%. Investors have been attracted by the massive potential for Pragmatic’s unique, flexible integrated circuits to replace mainstream silicon chips, as well as to enable trillions of smart items in applications that would never be possible with silicon.

The extra funding will be used to accelerate and expand Pragmatic’s growth plans. This includes the company’s second fabrication line (FlexLogic-002), which will increase production capacity by more than 5 times, and its new 15-acre Pragmatic Park site in Durham in the Northeast of England. In addition, the company has doubled its footprint in Cambridge with an option to double again within the next year.

New investors include British Patient Capital, a commercial subsidiary of British Business Bank plc, the UK government’s economic development bank; and In-Q-Tel, which invests in high-tech companies to advance technology capabilities for the U.S. intelligence community and its allies.  This highlights the strategic importance of Pragmatic’s ground-breaking semiconductor technology platform at a time when governments around the world are focused on ensuring secure control of supply chains for critical electronic components.

Commenting on their investment, Catherine Lewis La Torre, CEO of British Patient Capital, said: “Pragmatic is another great example of a UK company which has developed and commercialised world-leading technology from a UK base. We are delighted to be investing in the further growth of this homegrown semiconductor manufacturing business via Future Fund: Breakthrough, our dedicated deeptech fund which is investing in some of the country’s most innovative and dynamic businesses.”

Additional new investors include Prosperity7 Ventures (the diversified growth fund under Aramco Ventures), the North East Development Capital Fund and the Finance Durham Fund (both managed by Maven Capital Partners).

Scott White, CEO of Pragmatic said, “This oversubscribed investment round, in spite of the challenging macroeconomic conditions, is a huge vote of confidence in Pragmatic’s unique technology and business traction. Our signature ultra low cost, flexible form factor, fast production cycle time and minimal carbon footprint address key challenges across the industry, allowing rapid time-to-market for novel electronics applications as well as enabling localisation of semiconductor manufacturing and driving towards net-zero product lifecycles.”

Erik Langaker, Chair of Pragmatic added, “We continue to see growing investor and customer interest in affordable solutions for digitisation and control of supply chains, reinforced by government initiatives such as the recent EU legislation regarding Digital Product Passports. This is the beginning of electronics in everything – supported by great technology developed and scaled in the UK.”

 

You may also like