Pragmatic Semiconductor secures £28.2m Series C investment from backers including British Patient Capital
The financing round was backed by investors including British Patient Capital and In-Q-Tel to support expansion plans.
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 raised £28.2m in additional Series C funding from investors including British Patient Capital. The capital will support the company as it expands its operations, including the construction of a second fabrication line and a new site in Durham.
The oversubscribed round brings total capital raised in the Series C phase to $125m. Backers in the latest tranche also include In-Q-TEl and Prosperity7 Ventures, highlighting international interest in the firm's flexible semiconductor technology.
From the founder
"This oversubscribed investment round, in spite of the challenging macroeconomic conditions, 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 address key challenges across the industry, allowing rapid time-to-market for novel electronics applications as well as enabling localisation of semiconductor manufacturing and driving towards net-zero product lifecycles."
Scott White
CEO at Pragmatic Semiconductor
Investor perspective
"Pragmatic is another great example of a UK company which has developed and commercialised world-leading technology from a UK base. We are delighted to be investing in the further growth of this homegrown semiconductor manufacturing business via Future Fund: Breakthrough, our dedicated deeptech fund which is investing in some of the country's most innovative and dynamic businesses."
Catherine Lewis La Torre
CEO, British Patient Capital
Use of funds
- 01Expand into international markets
Investors
Catherine Lewis La Torre
British Patient Capital
In-Q-Tel
Prosperity7 Ventures
North East Development Capital Fund
Finance Durham Fund
Categories
About the company
Pragmatic Semiconductor
Pragmatic Semiconductor manufactures flexible integrated circuits that embed intelligence into everyday objects.