PragmatIC, a world leader in flexible electronics, has recently secured £18 million of funding, including a strategic investment from Avery Dennison, a Fortune 500 company. Existing shareholders Cambridge Innovation Capital and ARM also participated in the round.
Avery Dennison is a global leader in labelling and packaging materials as well as radio frequency identification (RFID), and their investment is expected to provide leverage to PragmatIC's flexible integrated circuits; the future of intelligent packaging. The funding round will also support PragmatIC's development and commercialisation of its FlexLogIC "fab-in-a-box" equipment, designed to fit naturally into the packaging supply chain.
“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,” said Scott White, Chief Executive Officer, PragmatIC.
Francisco Melo, Vice President and General Manager, Global RFID, of Avery Dennison added, “We’re excited about this collaboration. With PragmatIC’s technology, there is the potential to extend the use of unique item-level digital identities to improve consumer experiences in a number of new segments, such as fast-moving consumer goods.”
The team at ideaSpace would like to congratulate the PragmatIC team, for this giant leap forward in its success.
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About PragmatIC Printing Ltd
PragmatIC is a world leader in ultra low cost flexible electronics, enabling the potential for trillions of “smart objects” that can sense and communicate with their environment. PragmatIC’s unique technology platform enables integrated circuits thinner than a human hair that can be easily embedded in any surface, introducing interactivity into a wide range of everyday items. At a fraction of the price of conventional silicon chips, PragmatIC’s products enable a vast range of new applications: from intelligent packaging of fast-moving consumer goods, to wireless traceability of documents for security and identification. PragmatIC is headquartered in Cambridge, England and has a production facility based at the National Centre for Printable Electronics in Sedgefield. PragmatIC’s growing customer base includes large multi-national customers across a number of sectors, including consumer goods, packaging, security printing and mainstream electronics.
About Avery Dennison
Avery Dennison (NYSE: AVY) is a global leader in labelling and packaging materials and solutions. The company’s applications and technologies are an integral part of products used in every major market and industry. With operations in more than 50 countries and more than 25,000 employees worldwide, Avery Dennison serves customers with insights and innovations that help make brands more inspiring and the world more intelligent. Headquartered in Glendale, California, the company reported sales of $6.0 billion in 2015.