Funds raised as PragmatIC launches its ConnectIC family of ultra-low cost RFID circuits
Cambridge Innovation Capital has led the latest funding round for PragmatIC, a world leader in ultra-low cost flexible electronics, raising a further investment of over £13 million. This investment, from existing and new investors, will enable PragmatIC to continue to increase production of its flexible integrated circuits (FlexICs).
Victor Christou, CEO of CIC said, “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.”
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 ConnectIC family delivers solutions at the lowest cost point in the market. Ultra-thin and flexible, ConnectICs are suitable for embedding into a wide range of substrates, including paper and plastic. They reduce the complexity of inlays by using single layer antennas, delivering a further step-down in cost to brand owners and retailers seeking smart packaging solutions.
PragmatIC’s ground-breaking platform of patented technologies is pivotal in enabling smart packaging markets. In particular, ultra-low cost ConnectICs are extremely attractive for high-volume fast-moving consumer goods (FMCGs) and other mass market applications where high cost has previously limited smart packaging to high value and luxury items.
“The ConnectIC family is set to bring connectivity to items we buy every day,” said Scott White, CEO of PragmatIC. “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.”