Pragmatic Semiconductor has raised £162 million at the first close of its Series D funding round, with a second close to follow.
The designer and manufacturer of semiconductors, headquartered at Cambridge Science Park, will expand its production facility in County Durham with the fresh investment, adding third and fourth fabrication lines.
Pragmatic specialises in the design and production of flexible integrated circuits, a technology offering a faster-to-produce alternative to silicon chips with lower environmental impact.
Each fabrication line is capable of producing billions of chips that enable novel, fast-growing applications across multiple sectors including consumer, industrial and healthcare.
M&G’s Catalyst fund and UK Infrastructure Bank co-led the investment with participation from new investors including Northern Gritstone and existing investors including Cambridge Innovation Capital alongside British Patient Capital.
“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,” said David Moore, CEO, Pragmatic.
“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.”
Catherine Lewis La Torre, CEO, British Patient Capital, said: “Pragmatic has become a world leader in semiconductor manufacturing through truly innovative product development that converges cutting-edge technology with practical solutions for their customers.
“We are delighted to make a follow-on investment in Pragmatic to enable their continued expansion.”