Pragmatic Semiconductor Secures £162m Funding for UK Expansion
Pragmatic Semiconductor, a leading company in manufacturing flexible integrated circuits based in Cambridge, UK, recently completed the first close of its Series D funding round. The company secured an impressive investment of £162m ($206m), showcasing its strong market position. Pragmatic Semiconductor is currently planning a limited second close for key investors, with an additional investment of £20m ($25m) already allocated. M&G’s Catalyst and UK Infrastructure Bank co-led the funding round, along with participation from new investors like Northern Gritstone, Latitude, and MVolution Partners. Existing investors, including British Patient Capital, Cambridge Innovation Capital, and Prosperity7 Ventures, also contributed to the funding round.
Under the leadership of CEO David Moore, Pragmatic Semiconductor has become a world leader in flexible integrated circuit technology.
Their unique technology allows for the seamless incorporation of intelligence in various objects, thanks to their ultra-thin FlexICs, which are thinner than a human hair. These flexible integrated circuits enable innovative solutions that were previously not possible with traditional electronics. In order to support its expansion plans in the UK, the company has built a large-scale manufacturing facility called Pragmatic Park in Durham.
The recent influx of investment will enable Pragmatic Semiconductor to accelerate its growth and development in the UK market. Part of their expansion plans includes the construction of their 3rd and 4th fabrication lines at Pragmatic Park in Durham. Over the next five years, the company aims to establish at least eight manufacturing lines in the UK, creating over 500 highly skilled jobs in the North East and Cambridge regions. These manufacturing lines are capable of producing billions of chips, which can be utilized in various sectors such as consumer electronics, industrial applications, healthcare, and more. Pragmatic Semiconductor aims to revolutionize waste management and enable a circular economy by providing item-level intelligence through smart packaging, improving reuse and recycling processes. Additionally, their technology has potential applications in wearables, sensors, and flexible controllers.
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