Avery Dennison has led a $22m funding round for the flexible electronics producer, while existing shareholders ARM and Cambridge Innovation Capital returned.
UK-based flexible electronics manufacturer Pragmatic Printing has raised £18m ($22m) in funding from investors including packaging materials producer Avery Dennison and semiconductor technology provider ARM Holdings.
Cambridge Innovation Capital (CIC), the investment fund of Cambridge University, also took part in the round. CIC previously led an $8.1m round in January 2015 that also featured ARM, itself a spinout of Cambridge University.
Pragmatic Printing manufactures flexible printed electronic logic circuits that are integrated into products to enable intelligent packaging.
The cash will go towards development and commercialisation of FlexLogic, the company’s modular system to allow for an automated, high throughput of logic circuits. Avery Dennison hopes to use Pragmatic’s technology to bolster its radio-frequency identification inlay manufacturing capabilities.
Scott White, chief executive of Pragmatic, said: “We appreciate the confidence in our business reflected by this investment from Avery Dennison, as well as continued strong backing from CIC and ARM.
“The funding provides full support for our next stage of evolution, moving from pilot-scale production to enable volume manufacturing with the FlexLogic equipment.”
– This article first appeared on our sister site Global Corporate Venturing.
