Pragmatic Semiconductor secures £162m investment to expand UK operations

The manufacturer of flexible integrated circuits is planning a limited second close for key investors, of which £20m in 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 including British Patient Capital, Cambridge Innovation Capital and Prosperity7 Ventures.

In a statement, David Moore, Pragmatic’s CEO said: “This successful Series D round is a clear testament to the massive opportunity for our innovative technology to enable item-level intelligence in virtually any object on the planet.”

Pragmatic has developed FlexICs (flexible integrated circuits) described by the company as a low-cost, flexible alternative to silicon-based microchips.

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At around 30 microns thick, their flexibility allows them to be used on curved or domed surfaces. They are said to provide an alternative to ‘legacy’ chips found in numerous applications, from consumer electronics to medical devices, and their manufacture uses around 100 times less energy and less water than silicon microchips, as well as fewer harmful chemicals. The company also provides Fab-as-a-Service (FaaS).