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Pragmatic Semiconductor to expand in the UK with $231 million investment

Categories Edge Computing News  |  Funding  |  Hardware
Pragmatic Semiconductor to expand in the UK with $231 million investment

Pragmatic Semiconductor has completed a first close of its Series D funding round, securing an investment of £162 million (roughly $206 million). The company is planning a limited second close for key investors, of which £20 million (around $25 million) additional investment is already allocated.

The funding round was co-led by M&G’s Catalyst and UK Infrastructure Bank with participation from new investors including Northern Gritstone, Latitude and MVolution Partners, and existing investors such as British Patient Capital, Cambridge Innovation Capital and Prosperity7 Ventures (the diversified growth fund under Aramco Ventures).

Pragmatic Semiconductor says the investment will enable the company to accelerate its expansion plans in the UK to meet the demand for its technology from customers worldwide. This includes building its 3rd and 4th fabrication lines at its Pragmatic Park facility in Durham.

The company predicts that over the next five years, the company will build at least eight manufacturing lines in the UK, creating over 500 highly skilled jobs in the North East and Cambridge.

Commenting on the funding, David Moore, Pragmatic’s CEO, says: “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.

“Our global customers value our ultra-thin and flexible form factor, our breakthrough low cost of customization 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.”

The majority of the investment secured (over 70 percent) is from UK investors who have been attracted by the significant opportunities for Pragmatic’s technology in new applications, according to the company.

Moore adds: “We also see demand from customers for our unique Fab-as-a-Service deployment model. This is a modular semiconductor manufacturing approach that provides customers with access to an efficient, localized and secure supply of chips through a dedicated production facility wherever they need it.”

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