UK-based flexible electronics manufacturer Pragmatic has raised more than £13m ($16.7m) in a round backed by packaging materials producer Avery Dennison and semiconductor technology supplier Arm Holdings.
Cambridge Innovation Capital (CIC), the patient capital fund affiliated with University of Cambridge, led the round. Undisclosed new investors also participated.
Founded in 2010 as Pragmatic Printing, Pragmatic 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 intends to soon release a new range of products dubbed ConnectICs which will operate in high-frequency radio-frequency identification systems in mass-market applications such as consumer goods to facilitate 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 the company ramp up production of the systems.
Arm, Avery Dennison and CIC all previously participated in a $22m round for Pragmatic in 2016, the year after Pragmatic had closed an $8.1m round led by CIC and backed by Arm.
Pragmatic CEO Scott White said: “The ConnectIC family is set to bring connectivity to items we buy every day. We have already started shipping to our partners and we anticipate rapid expansion based on clear opportunities for global customers with extensive brand portfolios who wish to add traceability and interactivity to their products.”