PragmatIC, an intelligent electronics packaging company, has raised £18m in a Series A funding round.
Investors include Avery Dennison, ARM and Cambridge Innovation Capital (CIC), a Cambridge-based technology and healthcare investor.
The startup, also based in Cambridge, creates flexible integrated circuits, or FlexICs, that are thin enough to fit into smart packaging and labels. Avery Dennison will leverage the potential of PragmatIC’s flexible integrated circuits.
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 will support the commercialisation and product development of its FlexLogIC equipment, and accelerate the the deployment of its intelligent packaging.
Victor Christou, CEO of CIC, commented: “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.”
White concluded: “The funding provides full support for our next stage of evolution, moving from pilot scale production to enable volume manufacturing with the FlexLogIC equipment.”