Pragmatic Semiconductor secures £162m Series D funding led by M&G and UK Infrastructure Bank to expand UK manufacturing.
The largest European semiconductor venture funding round to date will support the construction of new fabrication lines in the UK.
Pragmatic Semiconductor manufactures ultra thin and flexible integrated circuits that embed intelligence into everyday objects. The company provides scalable alternatives to traditional silicon chips for diverse applications.
Pragmatic Semiconductor has completed the first close of its Series D funding round, securing £162m with an additional £20m allocated for a subsequent close. The round was co-led by M&G Catalyst and UK Infrastructure Bank, alongside contributions from both new and existing backers.
The capital will support the construction of new manufacturing lines at the company facility in Durham and expand operational capacity in the UK. Pragmatic plans to scale its production of flexible integrated circuits to meet global demand across multiple sectors.
From the founder
"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. Our global customers value our ultra-thin and flexible form factor, our breakthrough low cost of customisation and rapid production cycles, as well as the lower environmental footprint compared to silicon. Scaling our manufacturing capacity on the UK’s first ever 300mm wafer production lines at our site in Durham will enable us to deliver hundreds of billions of chips to customers worldwide over the coming decade."
David Moore
CEO at Pragmatic Semiconductor
Investor perspective
"The Bank has an important role to play in unlocking finance to scale up domestic supply chains, like semiconductors, which are critical to the UK’s transition to net zero. Our investment in Pragmatic backs a British business to accelerate development of a first-of-a-kind technology which not only cuts the carbon emissions of semiconductor production, but which will drive growth in the local economy in the North East."
John Flint
CEO, UK Infrastructure Bank
Use of funds
- 01Build out infrastructure
- 02Grow the team
Investors
M&G Catalyst
John Flint
UK Infrastructure Bank
Northern Gritstone
Latitude
MVolution Partners
British Patient Capital
Cambridge Innovation Capital
Prosperity7 Ventures
Categories
About the company
Pragmatic Semiconductor
Pragmatic Semiconductor manufactures flexible integrated circuits that embed intelligence into everyday objects.