12.14.22
Pragmatic Semiconductor announced that it has secured $35 million additional investment from high quality institutional investors. This brings the total raised in its Series C round to $125 million, oversubscribing the original target by more than 50%.
Investors have been attracted by the potential for Pragmatic’s unique, flexible integrated circuits to replace mainstream silicon chips, as well as to enable trillions of smart items in applications that would never be possible with silicon.
The extra funding will be used to accelerate and expand Pragmatic’s growth plans. This includes the company’s second fabrication line (FlexLogic-002), which will increase production capacity by more than five times, and its new 15-acre Pragmatic Park site in Durham in the Northeast of England.
New investors include British Patient Capital, a commercial subsidiary of British Business Bank plc, the UK government’s economic development bank; and In-Q-Tel, which invests in high-tech companies to advance technology capabilities for the U.S. intelligence community and its allies.
“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,” said Scott White, CEO of Pragmatic. “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.”
Investors have been attracted by the potential for Pragmatic’s unique, flexible integrated circuits to replace mainstream silicon chips, as well as to enable trillions of smart items in applications that would never be possible with silicon.
The extra funding will be used to accelerate and expand Pragmatic’s growth plans. This includes the company’s second fabrication line (FlexLogic-002), which will increase production capacity by more than five times, and its new 15-acre Pragmatic Park site in Durham in the Northeast of England.
New investors include British Patient Capital, a commercial subsidiary of British Business Bank plc, the UK government’s economic development bank; and In-Q-Tel, which invests in high-tech companies to advance technology capabilities for the U.S. intelligence community and its allies.
“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,” said Scott White, CEO of Pragmatic. “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.”
