The flexible electronics maker once known as Pragmatic Printing has retained the interest of CIC, Avery Dennison and Arm to take its total funding to nearly $47m.
UK-based flexible electronics manufacturer Pragmatic has raised more than £13m ($16.7m) in a round led by Cambridge Innovation Capital (CIC), the patient capital fund affiliated with University of Cambridge.
Packaging materials producer Avery Dennison and semiconductor technology supplier Arm Holdings also contributed to the round, as did a range of unnamed, new investors.
Founded in 2010 as Pragmatic Printing, the company utilises an automated fabrication platform to supply ultra-thin flexible integrated circuit boards branded FlexICs that can be used as components in intelligent packing materials.
Pragmatic has begun shipping a new sub-product range dubbed ConnectICs that operate in high-frequency RFID systems in mass-market applications such as consumer goods to enable cost-effective smart functionality.
ConnectIC’s target markets include food and beverage, personal and home care, pharmaceuticals and healthcare, as well as interactive toys and games. The funding will help Pragmatic ramp up production.
CIC, Arm and Avery Dennison all previously participated in a $22m round for Pragmatic in 2016, the year after Pragmatic had closed a $8.1m round led by CIC and featuring Arm.
Victor Christou, chief executive of CIC said: “We are delighted to continue to support the Pragmatic team as it develops its range of FlexIC products, which are designed to revolutionise the functionality of packaging across an extensive range of industries.”
– Feature image courtesy of Pragmatic
