Delayed probe into UAE cash almost killed Paragraf $55m haul, says CEO

CEO Simon Thomas has told The Times newspaper that the company was left hanging two weeks from running out of cash because of red tape.

Mubadala acquired 12.8 per cent of Paragraf in the funding round but Thomas warns that some companies might be forced out of business if they faced similar clearance delays.

Paragraf chips are made of graphene and can be deployed in multiple environments, including advanced electronics, energy plays and even medical devices, as Thomas told Business Weekly Awards judges when the company won our Awards in September 2023.

A relieved Thomas says the latest funding will support the expansion of Paragraf’s manufacturing capabilities and increase production output to facilitate the use of graphene electronics in mass markets.

He said: “This investment is a strong signal of confidence in Paragraf and our mission in the face of global economic uncertainty. This new funding will enable us to expand production of faster, more energy-efficient technologies to the scale required by major commercial opportunities.

“In what is a particularly challenging funding environment, we’ve attracted strong interest and are pleased to have secured the backing of both new and existing partners who share our vision for transforming electronics with graphene.”

In response to his criticism of the clearance delay, a spokesman for the Cabinet Office told The Times that more than 95 per cent of cases were generally cleared within 30 working days. It would not comment on Paragraf's specific case or Thomas's claims of potentially fatal delay.