UK's Pragmatic Secures £182 Million to Expand Silicon-Free Chip Production

Cambridge-based semiconductor company Pragmatic secures £182 million in a Series D funding round, completing the largest venture capital round for semiconductors in Europe. The funding will support Pragmatic's ambitious plan to add at least six new manufacturing lines in the UK over the next five years. Led by M&G's Catalyst and the UK Infrastructure Bank, the £162 million Series D round includes participation from new investors Northern Gritstone, Latitude, and MVolution Partners, as well as renewed commitments from current investors.

Pragmatic, having raised over $400 million since 2015, aims to expedite its development plans in the UK, creating 500 highly skilled jobs in Cambridge and the North East. The company specializes in creating thin and flexible integrated circuits without using silicon, allowing for quick and cost-effective production compared to traditional silicon chips. The expansion plan includes building eight manufacturing lines to meet global demand for Pragmatic's unique technology.

Pragmatic's innovative approach enables the production of incredibly thin and flexible integrated circuits using thin-film semiconductors. This not only facilitates faster and more affordable chip production but also opens doors to novel applications. The company's process, which eliminates silicon from semiconductor manufacturing, results in a significantly lower carbon footprint compared to traditional silicon chip manufacturing.

David Moore, CEO of Pragmatic, emphasizes the success of the Series D round, highlighting the potential of their technology to enable item-level intelligence with its thin, flexible form factor, low customization costs, quick production cycles, and reduced environmental impact compared to silicon-based alternatives.