Amcor cash takes PragmatIC Series C past $90m
Wall Street packaging giant Amcor has pumped $5 million into electronics trailblazer PragmatIC Semiconductor to take the Cambridge company’s Series C haul past $90m.
Amcor is working with PragmatIC to implant its ultra low cost solutions into nextgen packaging.
PragmatIC Semiconductor develops flexible, integrated circuits beyond the scope of conventional electronics. Its ConnectIC® family of radio frequency identification and near-field communications (RFID/NFC) integrated chips can be embedded into packaging to store and relay information to devices such as smartphones.
This technology will enable smart packaging applications across the entire product lifecycle – from manufacturing and supply chain management to consumer engagement and even material recovery.
Frank Lehmann, VP for Open Innovation and Corporate Venturing at Amcor, said: “As the global diversified packaging leader, Amcor is well-positioned to tap into early-stage, cutting-edge innovation around sustainability and digitisation.
“We are delighted to partner with PragmatIC Semiconductor to explore ways to leverage and integrate these flexible, integrated circuits into our portfolio of more sustainable packaging solutions.”
Scott White, PragmatIC Semiconductor CEO, added: “This investment with an industry leader is a testament to the value Amcor continues to place on innovation and our collective vision on how packaging can be used to connect customers and consumers with the information they need.”
Amcor’s cash injection in PragmatIC follows the recent investment by Amcor Corporate Venturing in ePac.
Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve supply chains through a range of flexible and rigid packaging, specialty cartons, closures, and services.
The company is focused on making packaging that uses less materials, is increasingly recyclable and reusable, and is made with more recycled content.
Around 47,000 Amcor people generate $12.5 billion in annual sales from operations that span some 230 locations in 40-plus countries.