PragmatIC Printing announce new funding from investors
PragmatIC Printing Ltd, the pioneer in imprinted electronic logic, who are based at CPI’s National Printable Electronics Centre, recently announced a £5.4 million investment from ARM, venture capital business Cambridge Innovation Capital (CIC), and existing PragmatIC investors.
The funding will be available immediately and will enable the company to scale up its manufacturing of flexible electronic logic to 100 million later this year.
The applications for PragmatIC’s devices, which are cost-effective enough to be incorporated into disposable items, are vast: from intelligent packaging of fast-moving consumer goods, to wireless traceability of documents for security and identification. Ultra-thin and low-cost flexible microcircuits, incorporated into mass-market objects and packaging, are poised to revolutionise everyday living by providing consumers with real-time information about every aspect of their environment.
Scott White, Chief Executive Officer at PragmatIC explains:
“We have become accustomed to silicon chips being incorporated into high-value documents such as passports and credit cards, but there are limitations to how robustly and cost-effectively this can be done. Our technology platform creates a microcircuit thinner than a human hair that can be easily embedded in any flexible surface.”
PragmatIC is using the funding to hire more staff and to enable the scale-up of its production capacity to 100 million flexible integrated circuits later this year. The funding also allows PragmatIC to broaden its circuit design activities, including applications such as sensors, processors and wireless communications: the essential building blocks to enable the emerging Internet of Things.
The funding comes alongside a growing revenue base from large multi-national customers across a number of sectors, including consumer goods, security printing and wearable electronics. While most of these relationships remain confidential, development projects with industry leaders such as Procter and Gamble, De La Rue plc and Hallmark have been previously announced.
Scott White adds:
“We are hugely excited by both the additional resources and the strategic contribution that will result from this investment by CIC and ARM. We look forward to further developing our world-leading technology platform and blue-chip customer base through the course of 2015.”
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