Mills & Reeve advises PragmatIC on £18m fundraising
Mills & Reeve has advised Cambridge based PragmatIC Printing Limited on its £18m fundraising from a syndicate of investors including new strategic investor Avery Dennison (a Fortune 500 company) and existing investors ARM and Cambridge Innovation Capital (CIC).
PragmatIC is a world leader in ultra-thin and low cost flexible electronics, enabling the potential for trillions of “smart objects” that can sense and communicate with their environment. This new funding is expected to accelerate the mass deployment of intelligent packaging, with labelling and packaging materials company Avery Dennison leveraging the potential of PragmatIC’s flexible integrated circuits (flexICs) in its inlays portfolio.
Scott White, Chief Executive Officer of PragmatIC, said: “Avery Dennison works with more than 10,000 converters, brand owners and retailers worldwide, making them an ideal supply chain partner to deliver solutions based on our unique technology. We appreciate the confidence in our business reflected by this investment from Avery Dennison, as well as continued strong backing from CIC and ARM”.
The funding will also underpin PragmatIC’s development and commercialisation of its FlexLogIC “fab-in-a-box” equipment. This self-contained fully automated modular system facilitates cost-effective high throughput manufacturing of flexICs, and is designed to fit naturally into the supply chain for a wide variety of intelligent packaging solutions. “The funding provides full support for our next stage of evolution, moving from pilot scale production to enable volume manufacturing with the FlexLogIC equipment” added Scott White.
The Mills & Reeve team was led by corporate partner Stephen Hamilton, assisted by corporate principal associate Pippa Pearce. Stephen said: “We’re delighted to have been able to support this innovative company on its fundraising activities for a second time. Raising this level of funding from new and existing investors really is a testament to the strength of PragmatIC’s technology and the company’s growth potential. We look forward to the next exciting step in PragmatIC’s development.”