University of Cambridge's Paragraf has secured Draper Esprit as an additional series A investor after launching its first graphene-based electronics product.
Paragraf, a UK-based graphene electronics producer spun out of University of Cambridge, increased its series A round to £16.2m ($21.3m) yesterday having secured venture firm Draper Esprit as an additional backer.
The extension follows a $16m series A sum disclosed in July 2019 that was led by Parkwalk Advisors, a fund management arm of commercialisation firm IP Group.
The series A round was also backed by Cambridge Enterprise, the university’s commercialisation arm, as well as Amadeus Capital Partners, IQ Capital, Partners Investment Company and assorted angel investors.
Founded in 2015, Paragraf has developed a mass-production technique for processing graphene at standards that support electronics applications, where the 2D material’s energy conduciveness is expected to provide a comparative advantage.
Paragraf has commercially launched its first graphene-based product, a high-sensitivity magnetic field detector pitched as offering superior performance to existing sensor technologies.
The additional capital will help accelerate product development and commercialisation as it aims to generate revenue.
Cambridge Enterprise led a $4m seed round for Paragraf which closed in May 2018 with the backing of Parkwalk, Amadeus, IQ Capital and unspecified angel investors.
The close came seven months after an initial $3.6m tranche involving Cambridge Enterprise and IQ Capital, as well as Parkwalk-run co-investment vehicle University of Cambridge Enterprise Fund V, Parkwalk Opportunities Fund and undisclosed additional investors.
