PragmatIC raised £5.4 million (about $8.1 million) and said it is using the funds to hire staff and scale up production capacityat its production facility based at the National Centre for Printable Electronics in Sedgefield in the North of England. The funding also allows PragmatIC to broaden its circuit design activities, including applications such as sensors, processors and wireless communications: the essential building blocks to enable the emerging Internet of Things.
"ARM is committed to identifying innovative and disruptive new technology platforms,” said Mike Muller, chief technology officer of ARM, in a statement issued by PragmatIC. “We are supporting PragmatIC as they have the potential to dramatically extend the range of form factors and economics of embedded intelligence. We see particularly compelling possibilities to embed connectivity and computational power in everyday objects at extremely low cost."
Cambridge Innovation Capital was established with initial funding from institutional and strategic investors including Invesco Perpetual, Lansdowne Partners and the University of Cambridge Endowment Fund to invest in technology companies in the Cambridge area.
The funding augments a growing revenue base from some customers already acquired by PragmatIC operating in consumer goods, security printing and wearable electronics including, Procter and Gamble, De La Rue plc and Hallmark have been previously announced.
PragmatIC CEO Scott White, commented: "We have become accustomed to silicon chips being incorporated into high-value documents such as passports and credit cards, but there are limitations to how robustly and cost-effectively this can be done. Our technology platform creates a microcircuit thinner than a human hair that can be easily embedded in any flexible surface."
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