Paragraf, a UK-based graphene electronics producer backed by aerospace manufacturer Marshall of Cambridge, has increased its series A round to £16.2m ($21.3m) having secured venture capital firm Draper Esprit as an additional backer.
The extension follows $16m in a July 2019 tranche led by Parkwalk Advisors, subsidiary of commercialisation firm IP Group, and backed by Cambridge Enterprise, 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 conductivity 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 cash will help accelerate product development and commercialisation.
The company closed a $4m seed round in May 2018 led by Cambridge Enterprise that included Marshall’s Martlet unit, Parkwalk Advisors, Amadeus Capital Partners, IQ Capital, University of Cambridge Enterprise Fund V and Parkwalk Opportunities Fund.
The original version of this article appeared on our sister site, Global University Venturing.