14 December 2022: British Patient Capital has invested £10m in PragmatIC Semiconductor, a Cambridge-based designer and manufacturer of flexible electronics, as part of its $125m Series C funding round.
The investment has been made via Future Fund: Breakthrough, British Patient Capital’s £375m programme where it co-invests with private sector investors in innovative, R&D-intensive UK companies.
PragmatIC, which has a production facility in Durham in addition to its head office in Cambridge Science Park, specialises in the design and production of flexible integrated circuits, a technology which has the potential to replace traditional silicon chips in a range of products in sectors such as consumer goods, games, retail, pharmaceutical and security.
The company secured an initial tranche of Series C funding in October 2021. British Patient Capital has participated in the final tranche and is joined by In-Q-Tel, Aramco Ventures, the North East Development Capital Fund and the Finance Durham Fund – both managed by Maven Capital Partners.
The investment will be used to accelerate and expand the company’s growth plans, including the establishment of a new 15-acre site in Durham in the Northeast of England. In addition, the company has doubled its footprint in Cambridge with an option to double again within the next year.
Catherine Lewis La Torre, CEO of British Patient Capital, said: “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.”
Scott White, CEO of PragmatIC, said: “This 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.”
About British Patient Capital
British Patient Capital Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses. Launched in June 2018, British Patient Capital has £2.5bn to invest over 10 years in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more here.
British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.
The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party of PragmatIC or its products or services.
About PragmatIC Semiconductor
PragmatIC Semiconductor is a world leader in ultra-low-cost flexible electronics. Its unique technology platform enables innovators to create novel solutions to everyday problems that are beyond the scope of conventional electronics. Its flexible integrated circuits (FlexICs) are thinner than a human hair and extend proven applications such as RFID and NFC into mass market use cases, enabling the potential for trillions of smart objects that can engage with consumers and their environments. PragmatIC is headquartered in Cambridge, UK, with manufacturing operations in the North East.