Pragmatic Semiconductor, a semiconductor industry leader, has raised £182 million in a Series D round for its flexible integrated circuit technology. The round was led by Catalyst and UK Infrastructure Bank. Nothern Gritstone, Latitude, MVolution Partners, British Patient Capital, Cambridge Innovation Capital and Prosperity7 Ventures participated.
Pragmatic Semiconductor aims to solve world problems by designing and manufacturing products that solve global problems. It develops microchips that are thinner than human hair, cheaper and faster to produce than silicon chips for use in products such as packaging and clothing. Pragmatic leaves a lower carbon footprint than traditional silicon chip production. It produces recyclable chips by supporting economic and sustainability goals.
In addition to being a sustainable option, it also unlocks a number of applications that cannot be done with traditional silicon chips. Pragmatic’s technology is used in Radio Frequency Identification technology (RFID) and near field communications (NFC). The startup plans to invest in a new 15-acre manufacturing facility in Durham to accelerate its growth ambitions, including the opening of a second production line with 5 times the production capacity. Pragmatic says it is open to new collaborations. It expects to double its footprint in the sector with the new facility, which will also be located in the north-east of England.
Despite challenging macroeconomic conditions, this oversubscribed investment round 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 overcome key industry challenges, enabling rapid time-to-market of new electronics applications as well as localisation of semiconductor manufacturing.Scott White, CEO of Pragmatic