Electronics company PragmatIC secures £18m in Series A funding
Cambridge company will use funding to support the commercialisation and development of its intelligent packaging products
PragmatIC, a Cambridge-based electronics company, has announced the completion of an £18m Series A funding round from Avery Dennison, ARM and healthcare investor Cambridge Innovation Capital (CIC).
Founded in 2006, PragmatIC develops low cost, flexible, integrated electronics circuits that it claims are thinner than a human hair. These can be embedded in any surface to “introduce interactivity into a wide range of everyday items”, including smart packaging and labels.
The company has a range of multi-national customers across the consumer goods, packaging, security printing and mainstream electronics sectors to do everything from brand promotion and security, to supply chain management and consumer engagement.
It has partnered with some of the world’s biggest consumer brands including Unilever, P&G, Hasbro and Hallmark to name a few.
The finance, which follows an $8.1m round from CIC in January 2015, will be used to support the commercialisation and development of its FlexLogIC equipment and accelerate the deployment of its intelligent packaging products.
Scott White, CEO of PragmatIC, commented: “Avery Dennison works with more than 10,000 converters, brand owners and retailers worldwide, making them an ideal supply chain partner to deliver solutions based on our unique technology.
“The funding provides full support for our next stage of evolution, moving from pilot scale production to enable volume manufacturing with the FlexLogIC equipment.”
Victor Christou, CEO of CIC, added: “This funding allows PragmatIC to deliver into the market a tool for producing flexible integrated circuits at an unprecedentedly low unit price point. We believe this is an important step forward to commercially affordable smart packaging.”