Pragmatic Semiconductor Valuation, Funding & Investors

Pragmatic Semiconductor is valued at $637M as of December 2023.

Last Pragmatic Semiconductor valuation

$637M

Series D · Dec 2023

Last Pragmatic Semiconductor funding round

$232M

Series D · Dec 2023

Cumulative funding Pragmatic Semiconductor raised

$415M

across 8 funding rounds

Key investors in Pragmatic Semiconductor

  • Cambridge Innovation Capital
  • Prosperity7 Ventures
  • Avery Dennison
  • Erik Langaker
  • Maven Capital Partners
  • IQT

Pragmatic Semiconductor Overview

About Pragmatic Semiconductor

Pragmatic Semiconductor is a Cambridge-headquartered developer of flexible integrated circuits known as FlexICs. These ultra-thin chips embed into everyday objects for applications in RFID, NFC, consumer goods, healthcare, and security. The FlexIC Foundry service allows custom designs at reduced costs compared to silicon fabs, while standard products target trillions of smart objects. Manufacturing occurs via the FlexLogIC system at a Sedgefield facility capable of billion-unit volumes. Global partners include Avery Dennison and Arm.


Founded

2010

HQ

United KingdomCambridge

Status

Privately held

Customer focus

B2B

Revenue model

Product sales, Services

Valuation

$637M (Dec 2023)

Pragmatic Semiconductor Valuation

Pragmatic Semiconductor is currently valued at $637M, based on its Series D in December 2023.

The $232M round was led by M&G Investments and National Wealth Fund, with participation from MVolution Partners, Prosperity7 Ventures, Northern Gritstone, Cambridge Innovation Capital and Latitude Partners.

Pragmatic Semiconductor valuation by funding round

Pragmatic Semiconductor valuation by funding round
DateStageValuation
Dec 2023Series D$637M

Pragmatic Semiconductor Funding History

Pragmatic Semiconductor has raised a total of $415M across 8 funding rounds.

Pragmatic Semiconductor's first fundraising round was a $8M Series A in January 2015. The most recent completed round was a $232M Series D in December 2023.

Pragmatic Semiconductor funding rounds

Pragmatic Semiconductor funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2023Series DM&G Investments (lead); National Wealth Fund (lead); MVolution Partners; Prosperity7 Ventures; Northern Gritstone; Cambridge Innovation Capital; Latitude Partners$232M$637MPragmatic Semiconductor, a Cambridge-based leader in flexible integrated circuits (FlexICs), completed the first close of its Series D funding round on December 6, 2023, raising £162m ($206m) with an additional £20m ($25m) allocated for a limited second close, totaling £182m ($231m). The round was co-led by M&G Investments and the National Wealth Fund (formerly UK Infrastructure Bank), with participation from Cambridge Innovation Capital, Latitude Partners, MVolution Partners, Northern Gritstone, Prosperity7 Ventures, and others. Funds will scale manufacturing at its 300mm wafer facility in Durham, adding production lines to output hundreds of billions of chips annually for applications in smart packaging, wearables, sensors, and industrial uses, emphasizing lower costs, rapid cycles, and reduced environmental impact versus silicon. The company plans to build at least eight manufacturing lines over five years, creating over 500 skilled jobs in the North East and Cambridge, while expanding its Fab-as-a-Service model for localized, secure chip production. Investors highlighted Pragmatic's unique technology enabling item-level intelligence in everyday objects and its appeal to global blue-chip customers across consumer, healthcare, and industrial sectors, including smart labels that dominate 90% of the global market projected to grow significantly. For the fiscal year 2023, Pragmatic reported sales revenue of £1.71 million alongside an operating loss of £36.75 million, reflecting investments in capacity amid scaling efforts. The firm had previously threatened to relocate without support, underscoring UK commitment to its semiconductor strategy.
Dec 2022Series CBritish Patient Capital (lead); IQT (lead); Maven Capital Partners; Amcor Corporate Venturing and Open Innovation; Prosperity7 Ventures; Finance Durham Fund$34M-Pragmatic Semiconductor is a Cambridge-based designer and manufacturer of flexible integrated circuits, offering an ultra-low cost, flexible form factor alternative to traditional silicon chips with faster production cycles and lower environmental impact. The company secured an oversubscribed Series C funding round totaling $125 million, with the final $35 million tranche closing on December 14, 2022, following an initial $80-90 million raised in October 2021. Lead investors in the final tranche included British Patient Capital (£10m via Future Fund: Breakthrough) and In-Q-Tel, alongside new participants like Prosperity7 Ventures (Aramco Ventures), North East Development Capital Fund, and Finance Durham Fund (both managed by Maven Capital Partners). The funds support Pragmatic's growth plans, including scaling production over five times, establishing a new 15-acre manufacturing site in Durham with 300mm wafer lines, and doubling its Cambridge footprint. This investment reflects strong investor confidence in the company's technology amid macroeconomic challenges and global semiconductor supply chain concerns, positioning Pragmatic to enable trillions of smart items and localize manufacturing with a minimal carbon footprint. Pragmatic's flexible electronics address industry pain points like rapid time-to-market and net-zero lifecycles, attracting strategic backers focused on high-tech innovation and UK deeptech.
Jan 2022Series CAmcor (lead); Trend Investment Group$5M-PragmatIC Semiconductor develops ultra-low-cost, flexible integrated circuits using thin-film semiconductors, thinner than a human hair, as an alternative to silicon chips for mainstream electronics and new applications. The company offers foundry services, FlexLogIC fabrication equipment, and RFID/NFC chips like the ConnectIC family for smart packaging and IoT devices. Headquartered in Cambridge, UK, with manufacturing in Sedgefield and a site under construction in Durham, PragmatIC focuses on sustainable electronics integrable into packaging solutions. Amcor made a USD$5 million strategic investment in PragmatIC Semiconductor on January 20, 2022, as part of the company's Series C funding round totaling more than USD$90 million. Amcor led this investment, partnering to explore integrating FlexICs into sustainable packaging. Other investors in the round included ARM Limited and Cambridge Innovation Capital Limited. The collaboration aims to enable smart packaging applications across the product lifecycle, connecting customers and consumers with product information. PragmatIC's technology supports mass-market RFID/NFC use cases, potentially enabling trillions of smart objects. The investment followed Amcor's prior venture in ePac and aligns with Amcor's innovation in sustainability and digitization.
Oct 2021Series CARM (lead); Erik Langaker$80M-Pragmatic Semiconductor (also referred to as PragmatIC) is a UK-based company pioneering flexible integrated circuits (FlexICs), which are ultra-thin, low-cost alternatives to traditional silicon chips, enabling applications in the Internet of Everything with lower carbon footprints and rapid production cycles. The Series C funding round, announced on October 18, 2021, initially raised $80 million with participation from ARM, Cambridge Innovation Capital, Avery Dennison, and others including Future Planet Capital. The round supported construction of a second FlexLogIC fab in North East England to scale production capacity. The Series C was later extended and closed at $125 million (including an additional $35 million or £28.2 million) by December 2022, attracting new investors such as British Patient Capital (£10 million), In-Q-Tel, Prosperity7 Ventures, North East Development Capital Fund, and Finance Durham Fund managed by Maven Capital Partners. ARM continued as a key existing shareholder. Other participants included Amcor with a $5 million strategic investment in January 2022 as part of a round exceeding $90 million at that point. Pragmatic's technology features innovations like PlasticArm, an Arm Cortex-M0 based flexible chip, and a Fab-as-a-Service model for localized production. The funding aligned with UK ambitions to bolster semiconductor manufacturing. Subsequent developments included a record Series D in 2023 raising £182 million ($231 million) led by M&G and the National Wealth Fund, with participation from existing investors like British Patient Capital and Cambridge Innovation Capital, to scale 300mm wafer production in Durham.
Sep 2020Undisclosed stageErik Langaker$17M--
Feb 2019Undisclosed stageCambridge Innovation Capital (lead); Future Planet Capital; Avery Dennison$17M-Pragmatic Semiconductor raised approximately $17M (or £13M) in a funding round in early 2019 led by Cambridge Innovation Capital, with participation from existing and new investors including Avery Dennison and Future Planet Capital. The capital enabled the company to increase production of its flexible integrated circuits (FlexICs) and launch its ConnectIC family of ultra-low cost RFID circuits. Pragmatic had already secured orders for over 20 million FlexIC units and announced strategic collaborations with Smooth & Sharp Corporation and Mühlbauer to accelerate adoption.
Oct 2016Undisclosed stageCambridge Innovation Capital (lead); Cerity Partners Ventures; Avery Dennison$22M--
Jan 2015Series ACambridge Innovation Capital (lead); InteBridge$8M-Pragmatic Semiconductor (then PragmatIC Printing Ltd) raised £5.4 million in a funding round on approximately January 27, 2015, led by Cambridge Innovation Capital with participation from ARM Holdings and existing shareholders. The funds supported scaling production capacity to 100 million flexible integrated circuits and broadening circuit design for sensors, processors, and wireless communications to enable Internet of Things applications. The company operated a pilot line at the UK's National Centre for Printable Electronics for customer prototyping and commercial production, and licensed technology for higher volume manufacturing. Pragmatic specialized in ultra-thin, low-cost flexible microcircuits for embedding intelligence in mass-market objects and packaging, providing real-time environmental information. Customers included multinationals in consumer goods, security printing, and wearable electronics, with announced development projects alongside Procter & Gamble, De La Rue, and Hallmark.

Who has invested in Pragmatic Semiconductor?

20 investors have backed Pragmatic Semiconductor across its funding rounds, including Cambridge Innovation Capital, Prosperity7 Ventures, Avery Dennison, Erik Langaker, Maven Capital Partners and IQT.

Lead investors include M&G Investments, National Wealth Fund, British Patient Capital, IQT, Amcor and 2 other investors.


Pragmatic Semiconductor Investors

Investors in Pragmatic Semiconductor by funding rounds participated
InvestorHQRoundsRoleFirst check
Cambridge Innovation CapitalUnited KingdomCambridge4LeadJan 2015
Prosperity7 VenturesSaudi ArabiaDammam2ParticipantDec 2022
Erik LangakerNorwayOslo2ParticipantSep 2020
Avery DennisonUnited StatesLos Angeles, CA2ParticipantOct 2016
Maven Capital PartnersUnited KingdomGlasgow1ParticipantDec 2022
Trend Investment GroupChinaShanghai1ParticipantJan 2022
Amcor Corporate Venturing and Open InnovationSwitzerlandSwitzerland1ParticipantDec 2022
MVolution PartnersUnited StatesNew York City, NY1ParticipantDec 2023
ARMUnited KingdomLondon1LeadOct 2021
Future Planet CapitalUnited KingdomLondon1ParticipantFeb 2019
Northern GritstoneUnited KingdomLeeds1ParticipantDec 2023
M&G InvestmentsUnited KingdomLondon1LeadDec 2023
AmcorUnited KingdomZurich1LeadJan 2022

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Pragmatic Semiconductor Competitors

Pragmatic Semiconductor competitors include listed companies like First Sensor and Seco, and private ones like proteanTecs, Bouffalo Lab, Wiliot and Morse Micro.

Public and private companies comparable to Pragmatic Semiconductor
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
proteanTecsIsraelHaifaPrivate$60M-$600M10.0x
Bouffalo LabChinaShanghaiPrivate--$515M-
WiliotIsraelIsraelPrivate--$1B-
Morse MicroAustraliaSydneyPrivate--$331M-
First SensorGermanyGermanyPublicly listed$122M$3M$643M-
SecoItalyItalyPublicly listed$229M$32M$626M3.0x

Pragmatic Semiconductor Public Comps

Pragmatic Semiconductor is still privately-owned, but its public comps include First Sensor, Seco, Park Aerospace, Centum Electronics, Yuil Robotics, Peri Power Semiconductor, Fitipower Integrated Tech, M31 Technology, Sercomm and Qualitau.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
First Sensor$122M$3M5.3x-217.2x-
Seco$229M$32M3.2x3.0x22.4x14.6x
Park Aerospace$73M$15M7.8x7.2x37.4x32.3x
Centum Electronics$99M$14M6.8x6.0x47.8x42.4x
Yuil Robotics$27M($16M)21.9x-(35.8x)-
Peri Power Semiconductor$28M$8M21.8x-72.9x-
Fitipower Integrated Tech$565M$68M0.8x0.7x6.4x6.4x
M31 Technology$56M$5M10.2x9.5x120.6x81.6x

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Common questions about Pragmatic Semiconductor

When was Pragmatic Semiconductor founded?Pragmatic Semiconductor was founded in 2010.
Where is Pragmatic Semiconductor headquartered?Pragmatic Semiconductor is headquartered in Cambridge, United Kingdom.
Is Pragmatic Semiconductor publicly listed?No, Pragmatic Semiconductor is a private, VC-backed company.
What is Pragmatic Semiconductor's valuation?Pragmatic Semiconductor was last valued at $637M in its Series D in December 2023.
How much funding has Pragmatic Semiconductor raised?Pragmatic Semiconductor has raised $415M across 8 funding rounds.
What was Pragmatic Semiconductor's last funding round?Pragmatic Semiconductor's last funding round was a $232M Series D in December 2023, led by M&G Investments and National Wealth Fund.
Who are Pragmatic Semiconductor's investors?Pragmatic Semiconductor's investors include Cambridge Innovation Capital, Prosperity7 Ventures, Erik Langaker, Avery Dennison, Maven Capital Partners, Trend Investment Group, Amcor Corporate Venturing and Open Innovation, MVolution Partners, ARM, Future Planet Capital and 10 others.
Which companies are comparable to Pragmatic Semiconductor?Companies comparable to Pragmatic Semiconductor include proteanTecs, Bouffalo Lab, Wiliot, Morse Micro, First Sensor and Seco.

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