Global scale-up by PragmatIC after $17m fundraise
Flexible electronics pioneer PragmatIC has further ramped global production from its Cambridge UK base after raising an additional $17 million.
Cambridge Innovation Capital led the latest round for PragmatIC, backed by fellow shareholders Arm and Avery Dennison, as well as new investors who share PragmatIC’s vision for leveraging the technology to digitally connect everyday objects.
With funding in place, PragmatIC has announced shipment of the first products in its ConnectIC family, the PR1101 and PR1102 FlexICs, designed for use in closed RFID (radio-frequency identification) systems.
The groundbreaking ConnectIC family will be pivotal in the acceleration of the smart packaging market.
Developed using PragmatIC’s unique platform of patented technologies, ConnectICs deliver connectivity solutions at the lowest cost point in the market.
These revolutionary FlexICs are ultra-thin and flexible; suitable for embedding into a wide range of substrates, including paper and plastic; and reduce the complexity of inlays by using single layer antennas, delivering a further step down in cost to brand owners and retailers.
These ConnectICs are extremely attractive for high-volume fast-moving consumer goods (FMCGs) and other mass market applications, with electronic connectivity no longer limited to high value, luxury items.
The PR1100 product series facilitates rapid detection of objects when one or more low-cost custom readers are integrated into the system. Designed for proximity identification applications, these FlexICs are ideal for applications including hierarchical inventory management, item identification and tracking, supply chain assurance and brand authentication.
They are targeted at market segments such as food and beverage, personal and home care, pharmaceutical and healthcare. They also support the introduction of digital interactivity into physical toys and games.
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.”
Victor Christou, CEO of Cambridge Innovation Capital added: “We are delighted to continue to support the PragmatIC team as it develops its range of FlexIC products which are designed to revolutionise the functionality of packaging across an extensive range of industries.”